President Obama Friday signed legislation rolling back the unaffordable rate increase imposed by the 2012 law that sought to achieve actuarial rates on National Flood Insurance Program premiums.
But now the fun of implementing a law that is virtually certain to have unintended consequences will begin. The next step is to determine how and when FEMA is going to implement it.
In the middle are the Write-Your-Own insurance companies, two-thirds of which are members of the Property Casualty Insurers Association of America (PCI). Don Griffin, a vice president at PCI and chair of the WYO Flood Insurance Coalition, notes that renewals have already gone out for people whose policies expire through late May and into early June. He says people whose policies started expiring last Oct. 1 through at least mid-June will be due refunds, which will be handled through FEMA.
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