Louisiana lawmakers pan GAO report on FEMA flood insurance pricing: Premise 'flawed' [The Advocate, Baton Rouge, La.]
Aug. 1—WASHINGTON — Though a recent congressional auditor's report underscored points
The Government Accountability Office's report, released Monday, stated that the
In
"This GAO report acknowledges that flood insurance is unaffordable, but it assumes that
GAO reviews
The GAO, the so-called "government watchdog" for
Risk Rating 2.0, which began in April, limited annual premium increases for most policyholders to no more than 18% annually. The GAO calculated that by 2037, when 95% of current policies reach their full risk premium levels, the program would be spending
"An alternative to caps on annual premium increases is a means-based assistance program that would provide financial assistance to policyholders based on their ability to pay," the report stated. The assistance would be paid as a line item in the federal budget and would be more predictable than
Many in
"The premise of the GAO report and Risk Rating 2.0 are both flawed,"
At a
The GAO also faulted
"As policyholders in
Others criticized the GAO analysis for not evaluating other factors caused by the increase rates.
"
On
Cassidy joined with New Jersey Democratic Sen.
"There was good analysis in the report, including the portion that highlighted affordability is key to the long-term survival of the program," Ramallo said.
___
(c)2023 The Advocate, Baton Rouge, La.
Visit The Advocate, Baton Rouge, La. at www.theadvocate.com
Distributed by Tribune Content Agency, LLC.
Mental health is health: President Biden pushes to have all care treated the same by insurance carriers
Erie Insurance promotes Karen Skarupski to SVP, Human Resources
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News