|Posted:||June 18, 2018 02:59 PM|
|From:||Representative Stephen Barrar|
|To:||All House members|
|Subject:||Resolution - Calling for the reauthorization of the National Flood Insurance Program "NFIP"|
|Soon, I will be introducing a resolution asking the President and Congress to enact a long-term sustainable reauthorization of the National Flood Insurance Program.
The NFIP was created as a result of the passage of the National Flood Insurance Act of 1968. Congress enacted the NFIP primarily in response to the lack of availability of private insurance and continued increases in federal disaster assistance due to floods. At the time, flood was viewed as an uninsurable risk and coverage was virtually unavailable from private insurance markets following frequent widespread flooding along the Mississippi River in the early 1960s.
The NFIP is a Federal program, managed by the Federal Emergency Management Administration (FEMA), and has three components: to provide flood insurance, to improve floodplain management and to develop maps of flood hazard zones.
NFIP was originally set to expire in September 2017. On March 23, the NFIP was reauthorized until July 31, 2018. The extension was included in the $1.3 trillion omnibus spending bill signed by President Trump. The NAIC and state insurance regulators support a long-term reauthorization of the NFIP to avoid short-term extensions and program lapses that create uncertainty in both the insurance and housing markets. It is believed that the reauthorization should be for a minimum of ten years.
The NAIC has provided reauthorization recommendations for Congress to consider, such as encouraging greater growth in the private flood insurance market.
The current weather patterns we have been experiencing this spring and the precipitation expected, is a prudent reminder of how susceptible we are to flooding in the Commonwealth of Pennsylvania.
Please consider joining me in sponsoring this timely resolution.
Introduced as HR1006