NAMIC Welcomes Committee Passage of Flood Insurance Reforms to Ensure Affordability, Accountability
Legislation to reform and reauthorize the National Flood Insurance Program passed by the
"Today's vote by the
The committee approved several measures that, combined with two bills approved on
"It's been known for years that a small percentage of properties have accounted for a significant portion of the NFIP's more than
The legislation also takes important steps toward facilitating an environment in which private-sector companies, including those that currently offer NFIP coverage through the Write Your Own program, can develop and offer their own policies outside of the program. The elimination of the non-compete clause for WYO companies, clarification that private policies are acceptable for meeting mandatory purchase requirements, and
"The important reforms passed by the committee today are the first steps necessary to putting the NFIP on a path to solvency and ensuring the continued protection of millions of homeowners and their communities," Grande said.
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