The Senate Banking Committee Thursday unanimously approved legislation reforming the National Flood Insurance Program that the insurance industry said it can support.

The bill which passed through the committee with a 20-0 vote, is far different than one that was approved by the House Financial Services Committee in March, now awaiting House floor action.

Introducing the bill Thursday, Sen. Richard Shelby, R-Ala., chairman of the Senate Banking Committee, said, “The goal…is to strengthen the [flood insurance] program by eliminating subsidies on vacation homes, businesses and severe repetitive loss properties today, and to lay a foundation for the elimination of all subsidies in the future.”

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
NOT FOR REPRINT

© 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.