Insurance industry trade groups had a mixed reaction to legislation introduced last week in the House of Representatives to reform the National Flood Insurance Program, warning the bill could significantly boost costs.
The legislation is similar to a bill passed by the House last year that failed to win support in the Senate (which adjourned before acting on it), and a different bill reported out by the Senate Banking Committee.
The Property Casualty Insurers Association of America said the positive aspects of H.R. 1682–the Flood Insurance Reform and Modernization Act of 2007–includes an increase of $725 million (to $21.5 billion) in NFIP borrowing authority.
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