WASHINGTON (June 9, 2011) Amidst recent flooding in the Midwest and the opening days of the 2011 Hurricane season, the National Association of Mutual Insurance Companies (NAMIC) called on congressional leaders to act swiftly to reform the National Flood Insurance Program (NFIP).
“The need for the National Flood Insurance Program has rarely been more clear than it is now, and the responsibility for ensuring the NFIP will be there for homeowners across the country rests with Congress,” said Jimi Grande, Senior vice President of Federal and Political Affairs for NAMIC.
The Senate Banking Committee will hold a hearing today to hear testimony from William Fugate, the administrator of the federal Emergency Management Agency which has oversight of the NFIP. Fugate testified at a House committee hearing in April, outlining many of the problems with both the NFIP as currently structured and with the nature of flood risk in general.
“The problems facing the NFIP aren’t new, they’ve been the same since 2005,” said Matt Gannon, Assistant Vice President of Federal Affairs for NAMIC. “Since then, the NFIP has been a burden on the taxpayers, and it will continue to be one unless Congress acts.”
NAMIC has outlined a series of reforms that, if enacted, would move the program towards financial stability. Many of these reforms are included in HR 1309, the Flood Insurance Reform Act, introduced by Rep. Judy Biggert, R-Ill. The bill was passed unanimously by the House Financial Services Committee, and is currently awaiting a vote on the House floor. Biggert chairs the House Financial services Subcommittee on Insurance, Housing and Community Opportunity.
“HR 1309 would enact common sense, fiscally responsible reforms to move the NFIP towards stronger financial footing while ensuring that every homeowner and business facing a flood risk can be protected,” Grande said. “American Homeowners and taxpayers have already waited too long for the NFIP to be reformed. We urge members of both the House and the Senate to act swiftly to ensure that the NFIP will be there when it is needed.”
For further information, contact
Director of Media Relations
(202) 580-6742 Tel
Posted: Thursday, June 09, 2011 10:49:49 AM.
317.875.5250 - Indianapolis | 202.628.1558 - Washington, D.C.