Washington--Besides financial restructuring, reform of the National Flood Insurance Program must include updating flood plain maps used to set premium rates and home purchase requirements, witnesses told the Senate Banking committee today.
With the program effectively bankrupted in the wake of Hurricanes Katrina, Rita and Wilma, representatives of the mortgage industry, the home building industry, and taxpayer and consumer advocates noted that mapping out current and accurate flood plain maps is vital to establishing a strong financial base for the program going forward.
The message echoed the sentiments of committee members and the comments of the administrator of the NFIP at a hearing last week.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
