Draft NFIP Reform Principles Emphasize the Need for Greater Rate Transparency and Private Market Participation

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The American Insurance Association (AIA) is encouraged by the draft Principles for Flood Insurance Reauthorization and Reform issued by the House Financial Services Housing and Insurance Subcommittee.

The American Insurance Association (AIA) is encouraged by the draft Principles for Flood Insurance Reauthorization and Reform issued by the House Financial Services Housing and Insurance Subcommittee. These principles seek to serve as a guide for the upcoming legislative debate on the reauthorization of the National Flood Insurance Program (NFIP) which expires in September 2017.

A statement from Tom Santos, Vice President for Federal Affairs for AIA follows:

"Flood insurance does and will continue to play a critical role in assisting homeowners, businesses, and communities recover from the damages that flooding causes. To that end, AIA supports both the long-term reauthorization of the NFIP and expanding private sector insurance offerings. The draft principles released today take constructive and positive steps towards both by providing market place stability, improving the NFIP’s fiscal position and fostering the development of private sector insurance options.

"We applaud Mr. Luetkemeyer’s continued leadership on this issue and we commend his and the Committee’s efforts to begin the flood insurance reauthorization process early. AIA and our members look forward to reviewing the principles in greater detail and working with Congress to secure NFIP reauthorization before its expiration in September 2017.

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