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 …
Tag: National Flood Insurance Program (NFIP)
PIA Calls for Increased Funding for Flood Risk Mapping
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 …
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FEMA Makes Available More Agent Training Sessions on Risk Rating 2.0
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 updating the NFIP’s risk rating process using a new methodology known as Risk Rating 2.0 (RR 2.0). It is scheduled …
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Risk Rating 2.0 Dominates Second Senate Hearing on NFIP Reauthorization
On June 17, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a second hearing on the reauthorization of the National Flood Insurance Program (NFIP). The first hearing was held in May. The hearing featured the testimony of David I. Maurstad, the Deputy Associate Administrator of the Federal Insurance and Mitigation Administration (FIMA), …
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NFIP Hearing in Senate Banking Kicks Off Reauthorization Process
On May 18, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the reauthorization of the National Flood Insurance Program (NFIP). PIA submitted testimony in which we urged the Committee to pass a long-term reauthorization and highlighted several specific reforms we’re pursuing this year. The NFIP’s most recent five-year reauthorization …
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PIA Releases 2021 Issues of Focus for Advocacy Day
PIA has released its 2021 Issues of Focus in preparation for its upcoming Advocacy Day, formerly known as the Federal Legislative Summit (FLS). PIA members will highlight these issues during their meetings with their elected representatives on Advocacy Day. PIA deploys its grassroots advocacy resources throughout the year on countless issues of importance to independent insurance agents. …
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NFIP Risk Rating 2.0 Released
On April 1, the Federal Emergency Management Agency (FEMA) unveiled changes, commonly referred to as Risk Rating 2.0, to the National Flood Insurance Program (NFIP). Risk Rating 2.0 is meant to provide more specific, accurate information about the flood risk associated with properties covered by the NFIP. Materials released by FEMA show that Risk Rating …
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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Senate Approves Bill that Includes NFIP Extension Until Sept. 2021
This evening, the U.S. Senate voted to pass a continuing resolution (CR) to fund the federal government through December 11, 2020 by a vote of 84-10. This follows action from the House, which cleared the measure on September 22. In a key win for PIA members, the bill includes an extension of the National Flood Insurance Program (NFIP) until next year, …
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House Passes Flood Insurance Program Extension to Sept. 2021
The U.S. House voted 359-57 tonight to pass the continuing resolution (CR) legislation to fund the federal government to December 11th. As reported earlier today, the bill includes an extension of the National Flood Insurance Program (NFIP) until next year, to September 30th, 2021. The program is set to expire next week on September 30th. The vote on the CR …
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