Reinsurance Association Nutter Testifies Before Congressional Committee on the Reauthorization and Reform of the NFIP

WASHINGTON, May 26 (TNSpol) -- The Reinsurance Association of America issued the following news release on May 25, 2022:

In advance of the September 30, 2022 deadline to reauthorize the National Flood Insurance Program (NFIP), Frank Nutter, president of the Reinsurance Association of America, today testified before the House Subcommittee on Housing, Community Development and Insurance in support of a long-term reauthorization and reforms that would strengthen the program financial resiliency, develop a private flood insurance market, close the flood insurance protection gap, and create resilient and insurable communities.

Nutter urged Congress to enact reforms that will improve the program to the benefit of those facing flood risk and American taxpayers alike and encourage flood reform legislation to strengthen the NFIP's financial framework and resiliency by preserving the NFIP's highly successful Reinsurance Program and Risk Rating 2.0.

He commended the Subcommittee and its commitment to meaningful reform of the Program. "We are encouraged the Committee recognizes the value that reinsurance can play in helping the NFIP to manage its financial risks and protect taxpayers, while looking to enhance the development of the private market."

He said further, "We look forward to working with Chairman Cleaver and Ranking Member Hill to ensure the reforms to the Program ease the financial burden for flood risk now borne by the Federal government and ultimately, the American taxpayer."