Sen. Marco Rubio (R-FL) News Release

Washington, D.C. -- U.S. Senators Marco Rubio (R-FL), Bob Menendez (D-NJ), Bill Cassidy (R-LA) and their colleagues reintroduced legislation to extend the National Flood Insurance Program (NFIP) for five years, while instituting a series of sweeping reforms to bolster our nation's resiliency and reduce flood risk to our communities. The legislation, the National Flood Insurance Program Reauthorization (NFIP Re) Act of 2021, also takes important steps to address the waste and mismanagement too often plaguing the current system. Congressman Frank Pallone (D-NJ) introduced companion legislation in the U.S. House of Representatives.

"Flood insurance is a necessity in Florida, and getting the National Flood Insurance Program (NFIP) on track to fiscal sustainability is critical to ensuring millions of policyholders maintain coverage," Rubio said. "In light of the Biden Administration's decision to proceed with the chaotic rollout of Risk Rating 2.0, Congress must take real action now to reform the program. This legislation would provide a five-year reauthorization and create stability for millions of policyholders across the state and nationwide."

Specifically, the NFIP Re Act of 2021 would:

* Provide certainty for policyholders by reauthorizing the NFIP for five years;

* Protect policyholders from Risk Rating 2.0 rate shocks and other disruptions by capping annual premium increases at 9 percent;

* Put NFIP on track to fiscal sustainability by freezing interest payments on NFIP debt and reinvesting savings toward mitigation;

* Create affordability for low- and middle-income policyholders through a comprehensive, means-tested voucher program;

* Increase investment in cost-effective mitigation efforts;

* Improve funding for more accurate mapping, in order to generate better data for flood risk; and

* Reform the appeals process to level the playing field for policyholders during appeal or litigation processes.

Go to: https://www.menendez.senate.gov/newsroom/press/menendez-cassidy-introduce-bicameral-bipartisan-bill-to-reform-national-flood-insurance-program for a full list of quotes from cosponsors.

A section-by-section of the legislation can be found here https://www.rubio.senate.gov/public/_cache/files/d352d392-7c18-49e9-bf1b-4656e4c91067/94AD9F0DF16A635D2C812EF7B8E8539E.nfip-section-by-section.pdf, and a copy of the bill text can be found here https://www.rubio.senate.gov/public/_cache/files/89ac8cd0-bd9c-48e4-b096-e8deee190d55/493E27356613F5BAA70AF837E924AD2B.nfip-bill-text.pdf.

Related:

* October 1, 2021: Rubio's Extension of National Flood Insurance Program Becomes Law

* September 28, 2021: Rubio, Colleagues Introduce Bill to Delay Flood Insurance Premium Hikes for Millions of Americans

* September 22, 2021: Rubio, Menendez, Cassidy, Colleagues Call on FEMA to Delay Risk Rating 2.0

* September 21, 2021: Rubio Introduces Bill to Extend National Flood Insurance Program

* July 18, 2019: Rubio, Menendez, Colleagues Champion Bipartisan Comprehensive Flood Insurance Reform Bill

* May 23, 2019: Rubio, Colleagues Address Needed Long-Term Reforms for National Flood Insurance Program

* December 27, 2018: Rubio Urges OMB To Reverse DHS Guidance On The NFIP During Government Shutdown

* December 21, 2018: Rubio Welcomes Passage of Bill To Extend National Flood Insurance Program

* December 5, 2018: Rubio Introduces Bill to Extend National Flood Insurance Program for 10 Months

* November 28, 2018: Rubio Comments on NFIP Reauthorization

* November 15, 2018: Rubio, Kennedy, Colleagues Introduce Bill to Reauthorize National Flood Insurance Program

* July 31, 2018: Rubio Comments on Senate Reauthorization of National Flood Insurance Program

* July 25, 2018: Rubio on National Flood Insurance Program: We Should Not Hold Floridians Hostage

* July 18, 2018: Rubio Video Statement: We need to extend NFIP now or it will be a disaster for Florida

* July 18, 2018: Rubio in Tampa Bay Times: Congress Needs Long-Term Solution for Flood Insurance Program

* June 21, 2018: Rubio Secures Funding for FEMA Pre-disaster Mitigation and Flood Hazard Mapping and Risk Analysis Programs in Appropriations Bill

* June 13, 2017: Rubio, Menendez, Colleagues Lead Bipartisan Flood Insurance Reform Bill

* June 13, 2017: Rubio in Wall Street Journal: A bipartisan plan for Flood Insurance

* February 28, 2017: Rubio Meets with Florida Legislative Leaders to Discuss Federal-State Issues, Including The National Flood Insurance Program

Read this original document at: https://www.rubio.senate.gov/public/index.cfm/press-releases?ID=436FBD05-9174-4758-8DD6-0414448671EE