Another Short Term Extension For The NFIP
On September 26th, the U.S. Senate passed government funding legislation that extends the National Flood Insurance Program (NFIP) through Nov. 21. On September 27th, President Donald Trump signed it into law.
Earlier this year, the House Financial Services Committee passed legislation to reauthorize the NFIP for five years by a unanimous vote of 59-0. Additionally, a group of senators led by Sen. Bob Menendez introduced legislation that includes several controversial items that would cap Write Your Own (WYO) compensation and not allow for bigger growth of the private flood market.
The MCC has produced an updated memo on the current legislative and administrative state of the NFIP, including updates on Risk Rating 2.0 that can be found HERE
