NAIC Urges Congressional Action on Long-Term NFIP Reauthorization
The nation's state insurance regulators sent a letter to Congressional leaders urging action on a long-term reauthorization of the National Flood Insurance Program (NFIP) before it expires on September 30, 2021. The hurricane season kicked off June 1, and a long-term extension will help provide certainty for policyholders in their efforts to prepare for flood disasters. The NAIC encourages Congress to work towards a reauthorization that supports private market development and resiliency planning. These measures will help provide consumers with additional choices and help minimize the impact of damage and economic loss.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.