Friday, May 30, 2014

Flood Insurance Reform

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The Reinsurance Association of America is working toward changes for the National Flood Insurance Act of 1968. The RAOA, has given tremendous support to U.S. Senate legislation focused on promoting growth in the private-market flood insurance industry.This article highlights their recent efforts to level the playing field in flood insurance. 

“Reinsurers have an appetite to underwrite flood risk, and this legislation will facilitate the development of a private insurance market for flood risk,” Frank Nutter, president of the Reinsurance Association of America, said in the statement. “The RAA looks forward to working with Sens. Tester and Heller to advance this legislation in the Senate.” The association said the legislation will provide homeowners with more options as well as reduce the federal government's role in providing flood insurance through the National Flood Insurance Program. 

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