Claims News Service, Oct. 18, 3:16 p.m. EDT — The Independent Insurance Agents & Brokers of America (the Big "I"), the nation's largest insurance association, is pleased that Congress is taking up the National Flood Insurance Program (NFIP) and looking at how to improve it.
The Senate Banking Committee today held a hearing to take a look at the program's structure and whether the program is actuarially viable. It is possible that legislation could be the end result of this hearing and a House Financial Services Committee hearing planned for Thursday.
One of the crucial questions surrounding this week's hearings is whether the NFIP should be more proactive in mandating mitigation for property owners whose homes lie in active flood plains.
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