Write-Your-Own insurance companies will be helping the Federal Emergency Management Agency provide refunds to National Flood Insurance Program customers whose rate hikes were reversed or reduced under March legislation rolling back the 2012 Biggert-Waters Act.
The Biggerts-Waters Act had imposed actuarial rates on all NFIP premiums.
WYO companies will be doing so even though the March legislation mandated that FEMA deal directly with the issue, according to Don Griffin, vice president of personal lines at the Property Casualty Insurers Association of America and chairman of the WYO Coalition, which represents insurers who help administer the NFIP. More than half of WYO companies are PCI members.
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