A group of nine Senators have sent a new letter to FEMA’s Acting Administrator Karen Evans urging NFIP reform.  Senators Cassidy (R-LA), Kennedy (R-LA), Hyde-Smith (R-MS), Wicker (R-MS), Capito (R-WV), Justice (R-WV), Britt (R-AL), Tuberville (R-AL), and Cornyn (R-TX)  signed the letter, dated February 2.

The letter states that “each year Risk Rating 2.0 remains in place, participation continues to erode, the insurance pool weakens, and taxpayer exposure grows.  Immediate action must be taken to stop the actuarial death spiral.”

The senators specifically ask that FEMA “terminate the Risk Rating 2.0 pricing methodology, halt premium increases exceeding the statutory minimum, and work with Congress to restore a rating structure that supports broad participation and program stability” and “provide full transparency into NFIP rate-setting, including publication of all data inputs, modeling assumptions, and actuarial analyses used to justify premium increase.”