Draft legislation reauthorizing and reforming the National Flood Insurance Program (NFIP) released over the weekend by House Republicans opens the door to privatization of the program.
The provision says that within 18 months, the Federal Emergency Management Agency (FEMA) should conduct separate studies on privatizing the NFIP and make reports to Congress on the issue.
The National Association of Mutual Insurance Companies (NAMIC) has spoken out against the privatization of the NFIP but the Reinsurance Association of America and the Association of Bermuda Insurers and Reinsurers has suggested privatizing all or part of the program.
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