WASHINGTON--Legislation introduced yesterday in the House to reform the National Flood Insurance Program drew mixed reviews from insurance industry trade groups.
While praising the funding portion of the bill, the Property Casualty Insurers Association of America (PCI) said the measure could add significant paperwork and claims and litigation expenses "to the already struggling program, creating additional costs for taxpayers."
The legislation is similar to that passed by the House last year which failed to win support in the Senate, which adjourned before acting on it or a different bill reported out by the Senate Banking Committee.
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