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CSFI Legislative Update – June 22, 2017

CSFI Stakeholders –

Yesterday, the House Financial Services Committee completed the rest of the flood insurance markup, passing the remaining five bills out of committee. 

HR 2875, the NFIP Administrative Reform Act by Rep. Nydia Velazquez, passed 58-0. This bills allows for additional ICC Coverage and improves the claims process.  

HR 1558, the Repeatedly Flooded Communities Act by Rep. Royce, passed on a voice vote with no objection. The language in the bill pertaining to sanctions was amended. It now allows (as opposed to requires) the Administrator to sanction and removes the suspension of communities from the NFIP as a sanction.  It essentially mirrors FEMA’s current sanctioning authority. 

HR 1422, the Flood Insurance Market Parity and Modernization  Act passed on a vote of 58-0. 

HR 2565, which uses replacement costs in determining premium values, passed on a vote of 34-25.

HR 2246, the Taxpayer Exposure Mitigation Act of 2017, passed on a vote of 36-24. 

Please continue to reach out to your members of Congress to express concerns, particularly around HR 2874 by Congressman Duffy (passed last week) which includes several of the most harmful provisions, including:

  • Removing grandfathering 1/1/21;
  • Prohibiting offering coverage on new construction in Special Flood Hazard Areas and properties with claims that exceed twice the replacement value on 1/1/21;
  • Increasing surcharges; and,
  • Increasing the annual floor of increases from 5% to 8%.

I will be in touch shortly with information on our next conference call and any calls to action that arise.  As always, please don’t hesitate to contact me with any questions. 

Best –

Caitlin