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The House Financial Services Committee on Thursday passed two bills to reform the National Flood Insurance Program (NFIP). One is a broad reform proposal that seeks to encourage more private insurance and move the program toward actuarial-based rates, while the other addresses premium credits for mitigation efforts and underwriting of urban properties.

Committee Chairman Rep. Jeb Hensarling (R-Tex.) said the committee will reconvene on June 21 to consider additional bills to reauthorize the NFIP

The NFIP will expire on September 30 of this year unless Congress acts to renew it.

The property/casualty insurance industry still has some qualms about the major bill advanced by the committee because it cuts the reimbursement allowance for private insurance carriers and agents participating in the program.

The major bill p;

assed is the 21st Century Flood Reform Act of 2017 (H.R. 2874), which was introduced by Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services Subcommittee on Housing and Insurance. It passed by a vote of 30-26. It is a broad proposal that incorporates many of the ideas in individual bills. It aims to put the NFIP on stronger financial footing; improve flood mapping, mitigation efforts and claims handling; and encourage greater private insurer participation in the market

Please enjoy the full article below;

http://www.insurancejournal.com/news/national/2017/06/16/454822.htm#

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