Legislation was introduced Oct. 29 in both the House and Senate that, as expected, would effectively delay for perhaps four years most flood insurance rate increases mandated by a 2012 law reauthorizing the National Flood Insurance Program.
Despite the fact that the sponsors resisted initiatives by some members of Congress to delay even increases proposed for second homes and businesses, an insurance industry trade group, a coalition of supporters of comprehensive catastrophe abatement policies and a conservative think tank immediately said they would oppose the legislation.
Sponsors of the bills seeking the delay face other hurdles. For example, they must either propose ways to offset the cost to the U.S. budget deficit or obtain a waiver of those budgetary rules. The amount of the required funds will have to be set by the Congressional Budget Office.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 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.
