Search
 

Insurers Hope To Correct Flood Bill 'Flaws'

Carriers hail move to reform federal program, but oppose new burdens

By Matt Brady | Updated on July 02, 2006

The U.S. House of Representatives, after extended debate last week, approved legislation designed to reform the insolvent National Flood Insurance Program by an overwhelming vote of 416-4. However, the final product contained amendments of deep concern to the insurance industry, including one that mandates a government probe into insurance company decisions on whether water damage to homes resulted from covered wind or uncovered flood losses.

The American Insurance Association said after the vote that while it supported the underlying bill, it hopes certain amendments will be revisited before the legislation is enacted. A major concern is a provision calling for an “investigation,” rather than a study, of the wind-versus-flood issue.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2025 ALM Global, LLC. All Rights Reserved.