A vote to delay flood-insurance rate hikes for up to four yearswill likely be delayed as the Senate decided to take up otherissues.
|The vote on a motion to proceed was supposed to be heldWednesday, however an industry lobbyist said late Tuesday that theprocedural vote is likely to be delayed until later in the weekbecause the Senate today surprisingly cleared for floor actionlegislation to extend long-term unemployment insurance for threemonths and is now engaged in a lengthy debate.
|The flood bill is the Homeowner Flood Insurance AffordabilityAct, S. 1846.
|It needs 60 votes to allow for a Senate debate on thelegislation.
|Supporters include the governors of more than 20 states, theNational Association of Counties, thousands of homeowners impactedby exponential rate increases, Realtors, homebuilders andbankers.
|Concerns about the bill have been raised by states from Hawaiito Vermont.
|In the middle are the Write-Your-Own insurance companies, whichdeal with all but approximately 850,000 of the 5.5 million NFIPcustomers.
|As a middle ground, the WYO companies suggested in a letter sentto the Senate today a “glide-path” with up to a 25% maximumpremium increase as an alternative to a complete “roll-back”to rates pre-Biggert-Waters Act.
|The letter also asks the Senate to remember that the changescannot be made overnight and WYO insurers would need at least sixmonths to implement them.
|The letter also says that the WYO companies are prepared to meetwith Congress, and “discuss and work with them” on a “targetedsolution that would address the key issues.”
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