The Government Accountability Office (GAO) recently published a report on the National Flood Insurance Program (NFIP) entitled FLOOD INSURANCE: FEMA’s New Rate-Setting Methodology Improves Actuarial Soundness but Highlights Need for Broader Program Reform. Among other issues, the report addresses: the actuarial soundness of the NFIP’s new Risk Rating 2.0 (RR2) methodology, how premiums are changing for …
Continue reading GAO Report on Risk Rating 2.0 Validates PIA Agent Concerns
This week, Sens. Bob Menendez (D-NJ) and Bill Cassidy (R-LA) introduced bipartisan legislation that would reauthorize the National Flood Insurance Program (NFIP) for five years and make several changes to the program. The National Flood Insurance Program Reauthorization and Reform Act of 2023 has a House companion bill, which is sponsored by Reps. Frank Pallone (D-NJ) …
Last week, Lauren Pachman, PIA’s counsel and director of regulatory affairs, participated in a panel discussion hosted by the National Flood Association (NFA), on whose board she serves. She was joined on the panel by Chris Brown of Mindset, Brett Hewitt of the American Property Casualty Insurance Association (APCIA), Travis Johnson of 1607 Strategies, and …
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 …
PIA recently joined the National Flood Association (NFA), and, late last month, Lauren Pachman, PIA’s Counsel & Director of Regulatory Affairs, represented PIA at the NFA’s annual conference in Scottsdale, Arizona. The event assembled experts across all aspects of flood insurance for a two-and-a-half-day conference, where attendees learned not only from the specialists lined up …
Continue reading NFA Conference, Note on Statutory Caps, & Upcoming Trainings: A Flood Roundup
PIA strongly supports the Flood Insurance Pricing Transparency Act, a bill introduced this week by Sens. Bill Cassidy (R-LA) and Kirsten Gillibrand (D-NY). FEMA recently updated the risk rating methodology it uses to price flood insurance premiums for policies issued by the National Flood Insurance Program (NFIP). The new methodology, known as Risk Rating (RR) …
Continue reading PIA Supports Bill to Create Transparency in RR 2.0 Rates
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
Members of the PIA of Florida spent this week urging members of their Congressional delegation to pass a long-term reauthorization of the National Flood Insurance Program (NFIP) as part of PIA’s 2022 Advocacy Day. Their efforts this week were part of PIA’s 2022 series of year-round, state-specific advocacy events that offer agents the chance to …
Continue reading PIA of Florida Urges NFIP Reauthorization & Updates Hill on Risk Rating 2.0
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)
On September 15, PIA became the first national insurance association to ask Federal Emergency Management Agency (FEMA) administrator Deanne Criswell to delay the scheduled Oct. 1 implementation of Risk Rating 2.0 (RR 2.0). While PIA supports RR 2.0, the more details FEMA released about its implementation, the more concerned we became about the planned rollout. We highlighted …
Continue reading Bipartisan Calls to Delay Risk Rating 2.0 Grows With Senate Letter to FEMA
