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Risk Rating 2.0: Frequently Asked Questions

As agents, carriers, and policyholders around the country enter the new world of Risk Rating 2.0 (RR 2.0), we have created an ongoing 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 …

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The Risk Rating 2.0 Flood Insurance Manual Has Arrived

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 …

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Risk Rating 2.0: Into the Weeds

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 …

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Risk Rating 2.0 Implementation Proceeding in Fits and Starts

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 …

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NFIP’s Risk Rating 2.0 Engine Will Go Live on August 1

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 …

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Commissioner Spotlight: South Carolina Director Ray Farmer

In the latest entry in our Commissioner Spotlight series, we are focusing on the head of the South Carolina Department of Insurance (SCDOI), Director Ray Farmer. Dir. Farmer served as vice president of the American Insurance Association (AIA, now APCIA), a trade association for insurance carriers. He spent the early part of his regulatory career as …

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Flood Insurance Program Yet Again on Brink of Expiration

The National Flood Insurance Program (NFIP) is on the verge of lapsing yet again unless Congress acts to extend it before midnight December 20th. There are real consequences if the NFIP is permitted to lapse. While the Federal Emergency Management Agency (FEMA) would still be able to pay the claims of current policyholders, they would …

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Flood Program Set to Expire November 21

Unless Congress extends it, the National Flood Insurance Program (NFIP) will expire on November 21. The NFIP is currently operating on its 13th short-term extension since its last long-term reauthorization expired in 2017. While Congress may try to pass a stand-alone extension of the NFIP in the next few days, it seems more likely that any …

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NFIP’s Risk Rating 2.0 Delay Prompts PIA National to Renew Its Call for House to Pass Reauthorization Package

On November 7, the Federal Emergency Management Agency (FEMA) announced that it is delaying the implementation of Risk Rating 2.0, a major overhaul of flood insurance rates under the National Flood Insurance Program (NFIP). Risk Rating 2.0 is meant to provide more specific, accurate information about properties covered by the NFIP. Risk Rating 2.0 is …

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Proposed Flood Regulation Could Hurt Agents, Consumers

PIA National recently submitted comments in response to the July 8, 2019 Advanced Notice of Proposed Rulemaking (ANPR)[1] published by Federal Emergency Management Agency (FEMA) regarding the National Flood Insurance Program (NFIP). The ANPR outlines potential changes to the methodology currently used for payments to Write Your Own (WYO) insurance companies selling flood policies in …

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