An update from Congress on the NFIP:

Last Thursday, FEMA Deputy Associate Administrator David Maurstad testified at the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Risk Rating 2.0.  The webcast of the hearing can be found here: https://www.banking.senate.gov/hearings/06/10/2021/reauthorization-of-the-national-flood-insurance-program-part-ii and you can read Mr. Maurstad’s testimony here.  Questions from committee members covered topics including:

• Catastrophe models used to determine new rates (AIR, CoreLogic, CATRisk)
• WYO commission rate structure
• Development of new policy forms addressing structure and contents

I also want to share this news release issued by Senator John Kennedy, highlighting the questions and concerns he raised with Mr. Maurstad.  Senator Kennedy and other members of the Senate Committee expressed an interest in future hearings on the rollout of Risk Rating 2.0.

Also, a sincere thank you to our Coalition’s newest members who include the Business Alliance for a Sound Economy (NC), the Town of Edisto Beach (SC) and the Westbank Business and Industry Association (La).  GNO, Inc. gladly extends our operational capacity and staff expertise to the CSFI initiative, and we appreciate your support in underwriting direct expenses.

Membership fees for the Coalition for Sustainable Flood Insurance are:

• $250 – Government or Nonprofit Organization
• $500 – Private/For-Profit Organization

You can find more information and join here https://csfi.info/join-the-coalition/.