Claims News Service, Oct. 18, 3:16 p.m. EDT — The Independent Insurance Agents & Brokers of America (the Big "I"), the nation's largest insurance association, is pleased that Congress is taking up the National Flood Insurance Program (NFIP) and looking at how to improve it.
The Senate Banking Committee today held a hearing to take a look at the program's structure and whether the program is actuarially viable. It is possible that legislation could be the end result of this hearing and a House Financial Services Committee hearing planned for Thursday.
One of the crucial questions surrounding this week's hearings is whether the NFIP should be more proactive in mandating mitigation for property owners whose homes lie in active flood plains.
"Repetitive flood losses are a very important issue, both for independent agents and brokers and for consumers as well," says Patrick O'Brien, Big "I" director of federal government affairs. "Multiple losses that affect the same property are bad for the program and drive up prices for all consumers, so this is an issue that certainly needs to be addressed, and as quickly as possible."
More information is available at www.independentagent.com.
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