WASHINGTON, D.C. (PRWEB) March 09, 2017
The American Insurance Association (AIA) is calling for a timely, long-term reauthorization of the National Flood Insurance Program (NFIP) ahead of today’s U.S. House Financial Services Housing and Insurance Subcommittee hearing entitled “Flood Insurance Reform: FEMA’s Perspective.” AIA submitted written comments to the Subcommittee emphasizing the need to avoid a lapse in the program and encouraging the development of a private flood insurance market as a complement to the NFIP.
AIA’s comments to the Committee maybe found here. A statement from Tom Santos, AIA’s vice president for federal affairs follows:
"Today’s hearing is a welcome step toward reauthorizing the NFIP and exploring opportunities in the flood insurance market more broadly. As we saw throughout 2016, flooding continues to present considerable risks for property owners. Our ability to manage risks from flooding depends on our willingness to undertake a thoughtful debate on how best to make our communities more resilient, protect lives and property, and reduce taxpayer exposure. To that end, AIA supports the timely, long-term reauthorization of the NFIP and the removal of regulatory barriers to the expansion of private sector flood insurance offerings.
"It is critical to avoid lapses in the program. The instability and uncertainty that lapses cause will have negative impacts on the NFIP and broader marketplace. We are committed to working with the Congress and other stakeholders to secure a timely reauthorization of the NFIP.”