CSFI Releases Reauthorization Platform; Reauthorization Bill Introduced in the Senate
With NFIP’s reauthorization required by September 30 to prevent lapse, a group of Senators have introduced the NFIP Extension Act of 2022, a measure which would extend the program for a full year, through September 30, 2023. CSFI is supportive of this one-year extension, providing certainty to the program, as Risk Rating 2.0’s full implementation is experienced and its associated impact becomes better understood. During a year-long reauthorization, program trends can inform long-term reform.
Meanwhile, CSFI has outlined key priorities for any reauthorization to make NFIP more transparent, affordable, and sustainable. CSFI encourages a multi-year extension that includes all of the following provisions, which serve to legislatively resolve issues commonly expressed by policyholders and various parties about Risk Rating 2.0:
- Forgive NFIP’s Debt
- Lower Rate Hike Caps
- Codify a Premium Cap
- Implement a Means-Tested Affordability Program
- Release a Public-Facing Rate Calculator with Risk Inputs
CSFI’s current reauthorization platform one-pager, which expounds upon each proposal, can be downloaded and distributed here.