Washington (Sept. 13, 2024)
不良研究所官方 Letter to Congress Requests Long-Term NFIP Reauthorization
The nation's state insurance regulators sent a letter to congressional leaders yesterday advocating for long-term reauthorization of the National Flood Insurance Program (NFIP) to help policyholders prepare for flood disasters. The current NFIP legislation, a temporary extension, is set to expire on September 30, 2024.
Continuing temporary NFIP extensions hinders consumers鈥 ability to plan ahead, particularly since most flood insurance policies do not take effect until 30 days, the National Association of Insurance Commissioners鈥 (不良研究所官方) letter points out.
The 不良研究所官方 letter encourages Congress to 鈥渦tilize NFIP reauthorization as an opportunity to facilitate greater growth in the private flood insurance market to help provide consumers with additional choices for flood insurance products.鈥
A long-term reauthorization of the NFIP should include mitigation discounts for people who build, rebuild, or retrofit their properties to better resist flood events, and allow individuals to put funds in a tax-preferred savings account for disaster mitigation and recovery expenses.
State insurance regulators also urge Congress to include measures to ensure that state-based disaster mitigation grants receive the same federal tax exemptions as federal mitigation grants and help provide greater incentives for homeowners to take action to protect their homes from natural disasters. Accurate flood mapping and strategies to increase flood insurance take-up rates are also essential.
State insurance regulators are keenly aware of the devastating effects of hurricanes, floods, and severe precipitation events, and it is critical that consumers have continued access to flood insurance coverage to protect their personal property. Ensuring the NFIP鈥檚 viability is imperative.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (不良研究所官方) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the 不良研究所官方, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. 不良研究所官方 staff supports these efforts and represents the collective views of state regulators domestically and internationally.