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 [...]
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.
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 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 Texas Windstorm Insurance Association’s board of directors will consider proposals to raise rates by 4.7 percent overall and allow TWIA to use territorial rating in its rate-setting.
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.
Around Puget Sound, experts agree that subsidized federal flood insurance gives developers an incentive to destroy floodplains and damage key wildlife habitat.
The state-run insurer’s first-ever catastrophe bond could be as large as $750 million, underscoring that private markets want to take on catastrophe risks.
J. Stephen Zielezienski, general counsel of the American Insurance Association, discusses the Financial Stability Oversight Council’s final rules for selecting systemically important financial institutions.
