The Build for Future Disasters Act of 2021, reintroduced by Representatives Andy Barr and Scott Peters, would mean NFIP rates reflect up-to-date flood information for properties built from 2025.
These new constructions would not qualify for a subsidy, while structures built before 2025 in flood zones or re-mapped into flood zones would still be eligible for grandfathering subsidies.
The bill also requires the U.S. Government Accountability Office to study the feasibility and implications of lowering all subsidies, with the aim of reducing the taxpayer burden and stopping the growth of government risk.
“A guiding principle of the Federal government’s natural disaster policy should be to protect the American taxpayer by managing the nation’s escalating natural disaster risks, reducing those risks over the long-term, and promoting environmental stewardship,” said Frank Nutter, President of the RAA.
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11-03-2021
As President Joe Bidenâs administration places a focus on COVID-19 recovery, four industry experts explain what his presidency means for the re/insurance market.
In contrast to the last US President, Joe Biden is more focused on recovery than partisan politics, and he looks set to use his “bully pulpit” to drive significant change in everything from foreign policy to taxation all of which will impact the re/insurance industry.
In particular, the industry is concerned about inflation and tax reform, especially in the wake of COVID-19 rescue efforts. This was one of the main talking points from a panel discussion titled “What the US election result means for the re/insurance market”. The discussion took place on Intelligent Insurer’s Re/insurance Lounge, an online platform where interviews and panel discussions are available on demand.
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For immediate release
NEW YORK, Jan. 28, 2021 The U.S. insurance industry
recognizes governmental policy priorities will change in 2021 given the outcomes of 2020’s elections, a panel agreed today at the Insurance Information Institute’s (Triple-I) annual Joint Industry Forum (JIF). “What we have seen is nothing less than a tectonic shift in the power structures in D.C. and that is going to have profound implications for the policy initiatives that are going to be inbound toward us as an industry,” said David Sampson, President and CEO, American Property Casualty Insurance Association (APCIA), during a panel called
Trade Winds Navigation: More Rough Waters or Smooth Sailing Ahead ?
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partners serving consumers in the flood program has dropped from 150 to 70 that are actively writing flood insurance over the last six years. while harleysville worked very hard to provide our policyholders with affordable protection, for many insurers, program revenues have been outweighed by growing administrative costs. they are leaving the nfip. the draft does not add too many additional requirements to the nfip. please keep the bill streamlined to insure the program will remain standing. thank you for the bipartisan committee draft which addresses the critical vulnerabilities in the nfip and will greatly strengthen flood protection for millions of consumers. the write your own flood partners support you and hope that you will be able to keep a straightforward bill with long-term extension and no further lapses. harleysville and pci stand ready to be of any assistance desired. thank you. we recognize mr. rutenberg for five minutes. chairman biggert, ranking member gut
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