PIA has navigated a rush of flood-related activity over the past several weeks. Please read on for some highlights of PIA’s recent work on flood insurance. Proposed New NFIP Endorsements Late last year, the Federal Emergency Management Agency (FEMA) proposed significant regulatory changes to the documents governing the Standard Flood Insurance Policy (SFIP) issued to …
Continue reading PIA’s Flood Insurance Advocacy: NFIP & Related Updates
The Federal Emergency Management Agency (FEMA) recently implemented a plan to require every National Flood Insurance Program (NFIP) policy—both new and renewing—to include both an agent and an agency National Producer Number (NPN). The new requirement is applicable to all NFIP policies with an effective date on or after January 1, 2024. The announcement was made in …
Continue reading FEMA’s NPN Mandate for NFIP Policies Presents New Challenge in Five States
The Federal Emergency Management Agency (FEMA) recently announced plans to require every new and renewing National Flood Insurance Program (NFIP) policy to include both an agent and an agency National Producer Number (NPN) with a policy effective date on or after January 1, 2024. The announcement was made in FEMA’s Bulletin W-23005. During PIA’s most …
Continue reading FEMA Will Require Both Agent and Agency NPNs on NFIP Policies Beginning Jan. 1
On August 29, PIA sent a letter to congressional leaders asking that they reauthorize the National Flood Insurance Program (NFIP) beyond its current September 30 expiration date and for as long a period as possible. The history of NFIP extensions has been messy. The program was extended 17 times between 2008 and 2012, when the …
Continue reading PIA Urges NFIP Extension in Letter to Congressional Leaders
Federal Emergency Management Agency (FEMA) Independent insurance agents deeply focused on the National Flood Insurance Program (NFIP) may already know that, on October 1, the most recently published version of the Flood Insurance Manual took effect. FEMA also recently solicited feedback on the use of Elevation Certificates and Floodproofing Certificates by communities participating in the …
Recently, the procurement office of the Federal Emergency Management Agency (FEMA) quietly issued a request for information (RFI) regarding a proposal to offer consumers the option of purchasing a National Flood Insurance Program (NFIP) policy online. The RFI provides some background on the history of the NFIP and its recent implementation of its Risk Rating …
Continue reading FEMA Stokes Agent Concern Over Online NFIP Sales Proposal
PIA National Secretary Ariel Rivera testifying before the House Financial Services Committee The House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance held a hearing earlier today entitled, “Reauthorization and Reform of the National Flood Insurance Program.” Testifying on behalf of PIA was Ariel Rivera, Secretary of PIA and founder and agency principal …
When Risk Rating 2.0 (RR 2.0) went into effect for new (and some renewing) NFIP policies, we created this series of Frequently Asked Questions (and answers!) that we hope will help to inform and guide your decision making as you familiarize yourself with RR 2.0. Please note: The information contained herein is current as of the …
Continue reading Risk Rating 2.0: Frequently Asked Questions (last updated 12/22/21)
As anticipated, the Risk Rating 2.0 Flood Insurance Manual (FIM) was released on Sept. 1. An update to the existing FIM was released at the same time, as was a final version of the Industry Transition Memo (ITM). Here is what you need to know about each. Industry Transition Memo The ITM, linked above, explains …
Continue reading The Risk Rating 2.0 Flood Insurance Manual Has Arrived
Frequent visitors to the blog will remember our numerous posts covering the forthcoming changes to the way flood insurance rates are calculated for policies issued through the National Flood Insurance Program (NFIP). PIA strongly supports Risk Rating 2.0 (RR 2.0) because it will help the NFIP move more quickly to the use of actuarially sound …
Continue reading Risk Rating 2.0 Implementation Proceeding in Fits and Starts
