NAIC Urges Prompt NFIP Reauthorization
The NAIC urges Congress to act promptly to renew the National Flood Insurance Program (NFIP) before it expires on September 30.
Insurance regulators are keenly aware of the devastating effects that recent hurricanes have had on constituents in our states, and it is critical that consumers have continued access to flood insurance coverage to protect their homes, businesses, and personal property. Ensuring the NFIP’s viability, particularly during an incredibly active hurricane season, is vital.
As outlined in our June 2021 letter to Congress, we continue to encourage swift action to pass a long-term NFIP reauthorization to avoid the continuation of temporary extensions that impair consumers’ ability 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.