National Association of Professional Insurance Agents Applauds the Passage of Bipartisan Flood Reauthorization in House Committee
"After nearly two years of seemingly never-ending short-term extensions, PIA National thanks Chairwoman Waters and Ranking Member McHenry for working together in a bipartisan way to pass this common-sense legislation out of the Financial Services Committee," said PIA National vice president of government relations
The legislation recognizes and preserves the critical role of the independent agent, provides continuous coverage protections to policyholders who leave the NFIP to purchase a private flood policy and return to the program, makes important investments in mitigation, and increases funds for mapping. In addition, the bill maintains grandfathering and the gradual implementation of actuarially sound rates.
Notable for PIA members is the absence of any provision that would impede the ability of independent agents to be fairly compensated for their work on the notoriously complicated flood program. Such a provision was included in legislation that passed the House last
Another bill to reform the NFIP, the National Flood Insurance Program Administrative Reform Act, sponsored by Rep.
"The disclosure provision will make the options for and limitations of a standard flood insurance policy clearer to policyholders and include a disclosure acknowledgment sheet that will protect independent agents selling NFIP policies," Gentile added.
PIA National calls on the full House to swiftly pass both bills, which may be merged into one NFIP reauthorization package. The
"Thanks to the leadership of Chairwoman Waters and Ranking Member McHenry, we now have a bipartisan way forward to reauthorize the NFIP," said Gentile. "The
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