Bill sponsor Rep. Fred Jordan has held the bill for reconsideration, meaning it could still come back to the House floor.
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Out Of The FIRE Blog
The issue of extending and reforming the National Flood Insurance Program continues to stall in Congress. While the U.S. House version of a reauthorization bill passed in July 2011 by a significant margin, the bill has yet to get a floor vote in the U.S. Senate. Sen. David Vitter, R-La., sponsor of a five-year extension [...]
Anyone who has ever been involved in an automobile accident knows that one of the most important components of the claims process is the accident report police file on the incident. How these reports are worded can make a huge difference in how an insurance company will respond to the claim. Given the important role [...]
In other flood insurance news, Sen. David Vitter’s bill to extend the flood program through Dec. 31 may get a vote in the Senate the first week of May.
Making homeowners’ insurance affordable in coastal areas is a problem that continues to plague both legislators and homeowners. In Florida, where the risk from windstorms is the highest, the issue is magnified even more. The state run-insurer Citizens Property Insurance Corp. and state-run reinsurer, the Florida Hurricane Catastrophe Fund, have grown substantially over the last [...]
The state-run insurer has asked staff to review whether it is allowed to charge full actuarial rates to new policyholders, while continuing to be bound by a 10% rate cap on renewal business.
The bill’s sponsor, Rep. Jimmy Patronis, argues that FEMA’s concerns have already been satisfied. Others are not so sure.
The measure would offer a bit more time to finish work on long-term reforms to the National Flood Insurance Program before the end of the 112th Congress.
The Federal Emergency Management Agency is asking Congress to extend the National Flood Insurance Program for two years, without any changes, even though the White House supports reforms that have passed the U.S. House and a key Senate committee.
The move comes days after Gov. Rick Scott vetoed a bill that would have diverted state premium tax revenues to shore up the fund. Meanwhile, Fitch has reaffirmed the Cat Fund’s AA rating.
