AIA Commends Senate Banking Committee for Holding NFIP Hearing; Urges Long-term Reauthorization

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The American Insurance Association (AIA) commended the Senate Committee on Banking, Housing, and Urban Affairs for holding today’s hearing titled “Reauthorization of the National Flood Insurance Program (NFIP), Part II.”

The American Insurance Association (AIA) commended the Senate Committee on Banking, Housing, and Urban Affairs for holding today’s hearing titled “Reauthorization of the National Flood Insurance Program (NFIP), Part II.”

A statement from Tom Santos, AIA’s vice president for federal affairs, follows:

“AIA commends the Senate Banking Committee for holding today’s hearing on reauthorizing the National Flood Insurance Program. Flood insurance does, and will, continue to play a critical role in assisting homeowners, businesses, and communities recover from the damages that flooding causes. That is why AIA is committed to securing a timely, long-term reauthorization of the NFIP that also removes regulatory barriers to the expansion of private sector flood insurance offerings.

As such, avoiding a lapse in the program and encouraging the development of a private flood insurance market as a complement to the NFIP is crucial to providing stability for policyholders and the broader marketplace. Failure to do so will only create further instability, hurting the NFIP in the process. We thank Chairman Crapo and Ranking Member Brown and look forward to working with the Committee ahead of the NFIP’s September 30 reauthorization deadline.”

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