Members of the PIA of Louisiana met with members of their congressional delegation earlier this week to discuss the risk rating methodology, known as Risk Rating (RR) 2.0, now being used by the National Flood Insurance Program (NFIP) and its effect on communities around Louisiana. PIA of Louisiana also highlighted the need for a long-term …
Continue reading PIA of Louisiana Meets with Congress on Risk Rating 2.0, NFIP Reauthorization
The federal government is currently operating on a continuing resolution (CR) that expires at midnight this Friday, December 3. Notably for PIA members, the National Flood Insurance Program (NFIP) is also set to expire on December 3. If Congress cannot pass another CR to fund the federal government beyond that date, the government, including the …
Continue reading Federal Flood Program Set to Expire This Week
On September 30, the National Flood Insurance Program (NFIP)’s authority to operate was extended until December 3, 2021. This is the 17th short term extension of the NFIP since its last five-year reauthorization expired in 2017. PIA supports a long-term reauthorization of the NFIP that recognizes the key role independent agents play in delivering the …
Continue reading PIA Supports Flood Bills Encouraging Development of Private Market
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)
This afternoon, the House passed an amended version of H.R. 5305, the continuing resolution (CR) that will fund the federal government until December 3, 2021, by a vote of 254 to 175. Importantly for PIA members, this CR includes an extension of the National Flood Insurance Program (NFIP) until December 3. The Senate passed the …
Continue reading House Passes NFIP Extension and Funding Bill
Today the Senate passed an amended version of H.R. 5305, the continuing resolution (CR) that will fund the federal government until December 3, 2021, by a vote of 65 to 35. Importantly for PIA members, the CR includes an extension of the National Flood Insurance Program (NFIP) until December 3 as well. An earlier version …
Continue reading Senate Passes Amended Funding Bill with NFIP Extension
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
We know many National Flood Insurance Program (NFIP) agents have concerns about shepherding their clients through the transition to Risk Rating 2.0 (RR 2.0). As part of our effort to disseminate information about RR 2.0 to our agents, PIA will be using this space to share information about RR 2.0 and upcoming trainings provided by …
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
On July 27, Reps. Kathy Castor (D-FL), and Blaine Luetkemeyer (R-MO) reintroduced H.R. 4699, the Continuous Coverage for Flood Insurance Act. The bill would provide continuous coverage protection to policyholders who leave the National Flood Insurance Program (NFIP) to purchase a private flood policy and then need to return to the NFIP. This bill would …
