As we noted earlier this week, the rating engine that will provide the new Risk Rating 2.0 rates was scheduled to become available to participating carriers, known as Write-Your-Owns (WYOs) on August 1. However, today (July 30), FEMA notified WYOs that the rating engine site will be made available on August 1 as planned, but …
Continue reading FEMA Announces Eleventh-Hour Delay of Risk Rating 2.0 Rating Engine
PIA has been leading the effort to repeal the Federal Insurance Office (FIO) for years. On July 30, H.R. 4866, the Federal Insurance Office Abolishment Act of 2021 was reintroduced in the 117th Congress with our strong support. The bill was introduced by Rep. Ben Cline (R-VA) and cosponsored by Rep. Tom Tiffany (R-WI). PIA also supports the Senate version …
The National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), is the primary source for flood insurance in the United States. Over the past few years, FEMA has been preparing to update the NFIP’s risk rating process using a methodology known as Risk Rating 2.0 (RR 2.0). Risk Rating 2.0 will …
Continue reading NFIP’s Risk Rating 2.0 Engine Will Go Live on August 1
On July 22, the U.S. Senate Banking Subcommittee on Securities, Insurance and Investment held a hearing on “Examining Frameworks to Address Future Pandemic Risk.” PIA submitted testimony in advance of the hearing. If Congress legislates on this issue, PIA favors the use of a public-private partnership. In the past, similar steps have been taken to …
Continue reading Senate Banking Subcommittee Turns Attention to Future Pandemic Risk Proposals
In advance of a hearing set to take place on July 22 in the Senate Health, Education, Labor and Pensions (HELP) Committee, PIA joined fellow insurance and financial trade groups in a letter to committee leadership expressing concerns about S. 420, The Protecting the Right to Organize (PRO) Act. The PRO Act would reform current …
If you’ve been following the blog for a while, you know that the National Flood Insurance Program (NFIP), the primary source for flood insurance in the United States, is scheduled to debut its new pricing methodology, known as Risk Rating 2.0, later this year. Risk Rating 2.0 will assign a level of risk to each …
PIA recently sent letters, along with a coalition of stakeholder groups, to U.S. House and Senate appropriators to advocate for a significant increase in funding for the Federal Emergency Management Agency (FEMA) flood risk mapping program in fiscal year 2022 (FY 2022). The flood risk mapping program funds federal flood mapping, which shows how likely …
Continue reading PIA Calls for Increased Funding for Flood Risk Mapping
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