In a breakthrough, the House Republican leadership has agreed to allow a vote on modifying flood insurance rate hikes imposed by a 2012 law. The preferred House bill would limit rate increases to no more than 15% annually.
Property and casualty industry officials gave unanimous support last week for the concept of the Federal Insurance Office, although they acknowledged the devil is in the details and said they remain comfortable with the current state-based regulatory system.
Property and casualty industry officials gave unanimous support last week for the concept of the Federal Insurance Office, although they acknowledged the devil is in the details and said they remain comfortable with the current state-based regulatory system.
Statements by members of Congress in Louisiana and Mississippi that increases in flood-insurance premiums now being implemented will be delayed through a provision in a recent appropriations bill are inaccurate, according to industry lobbyists and FEMA officials.
Statements by members of Congress in Louisiana and Mississippi that increases in flood-insurance premiums now being implemented will be delayed through a provision in a recent appropriations bill are inaccurate, according to industry lobbyists and FEMA officials.
The property and casualty insurance industry should wake up and smell the coffee, as it finds itself fighting a two-front war in Washington with no clear path ahead.
The property and casualty insurance industry should wake up and smell the coffee, as it finds itself fighting a two-front war in Washington with no clear path ahead.
The Senate passed legislation on Thursday re-establishing the National Association of Registered Agents and Brokers, but the underlying bill, which delays flood-rate increases, has a tough road ahead in the House.
The Senate passed legislation on Thursday re-establishing the National Association of Registered Agents and Brokers, but the underlying bill, which delays flood-rate increases, has a tough road ahead in the House.
The Senate vote to delay flood-rate hikes creates unlikely divisions and alliances on both sides of the issue. For example, statements opposing the bill came from insurance groups such as NAMIC and PCI, as well as from the Consumer Federation of America.