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Flood: A U.S. Senate bill would reauthorize the National Flood Insurance Program and encourage private carriers to write flood insurance by allowing NFIP policyholders to switch back to the program from a private policy without losing grandfathering status.

U.S. Sens. Bill Cassidy, R-La., and Kristen Gillibrand, D-N.Y., released a draft of their bill, the Flood Insurance Affordability & Sustainability Act, to reauthorize the program to 2027 and remove barriers to private participation. The NFIP will expire on Sept. 30.

The bill addresses some of the issues identified in a new Government Accountability Office report on the NFIP and the obstacles to private carrier participation.

A timely NFIP rewrite is an industry priority. Other bills to increase private participation have also been authored. For example, Sens. Dean Heller, R-Nev.. and Jon Tester, D-Mont., re-introduced the Flood Insurance Market Parity and Modernization Act--S. 563; H.R. 1422.

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Title Annotation:Regulatory Update
Publication:Best's Review
Date:Jun 1, 2017
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