Ring in the New Year with us!
As you gear up for 2017, take a look at our full calendar of events and plan now to have your firm represented at our leadership forums, working groups and Leadership Academy programs.
We look forward to seeing you in the new year!
Flood Insurance Update
by Julia Tishman, Associate, Government Affairs
Last week, the Housing and Insurance Subcommittee Chairman, Blaine Luetkemeyer (R-MO), released draft principles for flood insurance reform and reauthorization. These principles will serve as a guideline for the upcoming legislative debate on the reauthorization of the National Flood Insurance Program, which expires on September 2017.
The principles emphasize the need for greater private market participation in the program, building off of the Ross-Murphy Private Market Flood Insurance Legislation that The Council strongly supports.
In addition, the principles will also require the mandatory purchase of reinsurance or capital markets alternatives for the NFIP, as well as phase out NFIP coverage for those residential and commercial structures over the maximum allowable coverage limits in replacement cost value. These principles also aim to increase transparency for consumers of the NFIP’s rate-setting process.
The Council’s three stated priorities for the upcoming reauthorization of the NFIP are increasing the take-up rate in mandatory purchase zones, increasing private market involvement, and preserving the WYO program. Chairman Luetkemeyer’s draft principles show the House Financial Services Committee’s commitment to stability in the program by avoiding a lapse.
We look forward to working with the committee as they flesh out the details on these draft principles.
Joel Kopperud, Vice President, Government Affairs: G.O.P. Plans to Replace Health Care Law With ‘Universal Access’, New York Times