The legislation reauthorizing the National Flood Insurance Program, passed by a House panel last week, clearly opens the door for reinsurers to play a strong role in the program.
Reinsurers are enthusiastic about the legislation, which explicitly authorizes the Federal Emergency Management Agency (FEMA) to "carry out initiatives to determine the capacity of private insurers, reinsurers and financial markets to assume a portion of the flood-risk exposure in the U.S."
FEMA, an agency under the Department of Homeland Security, administers the NFIP.
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