Press Releases
Loudermilk Pushes For Flood Insurance Reform
Washington,
November 15, 2017
Rep. Loudermilk (R-GA) issued the following statement regarding the passage of the 21st Century Flood Reform Act:
“With insurance for your car, home, and business, competition helps drive prices down and forces companies to compete for your business. Too often, government regulation and intervention stand in the way of innovation and competition. In the nearly three years I have been in Congress, I’ve seen the mess government makes when it has a monopoly in an area that could be better managed in the private sector. This is why I am encouraged by the positive reforms we are making to the National Flood Insurance Program (NFIP). Improvements to mapping, more private sector choices for policyholders, and more openness for prospective homeowners are some of the wins found in H.R. 2874. While this bill is a step in the right direction, it also recognizes the need for future improvement by including H.R. 2874, 21st Century Flood Reform Act: • Reauthorizes the National Flood Insurance Program (NFIP) for 5 years. • Ensures that private flood insurance policies can be used to meet NFIP requirements and eliminates the write-your-own non-compete clause to grow the private sector flood insurance market. • Gradually increases premiums on subsidized NFIP policies to protect taxpayers and bring policies closer to actuarial rates. • Implements mapping improvements so flood insurance policies are based on • Improves transparency and disclosure so homeowners can know their property’s flood history and future risk. • Includes the text of an amendment introduced by Rep. Loudermilk and Rep. David Scott (D-GA), passed unanimously in committee, to require a Government Accountability Office (GAO) study of how the NFIP may be simplified for policyholders, insurance companies, agents, mortgage lenders, and vendors. Read the full text of H.R. 2874 HERE. |
