Implementation of rate cutbacks and other revisions to the National Flood Insurance Program mandated by a March law "has gone extremely well," an insurance industry official testified before a Senate panel today.
The hearing before the Homeland Security Subcommittee of the Senate Appropriations Committee was most notable for the lack of finger-pointing and anger that consumed earlier NFIP hearings and discussions as legislators debated altering the 2012 Biggert-Waters act.
Craig Fugate, administrator of the Federal Emergency Management Agency, Patty Templeton-Jones, executive vice president of the Wright National Flood Insurance Company and Donna Smith, chair of the Flood Insurance Task Force of the National Association of Realtors, all noted that implementation of those alterations, contained in the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), is going well.
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
© 2024 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.
