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State Insurance Regulators Applaud Congressional Efforts to Reauthorize the NFIP

Statement from NAIC:

The NAIC appreciates the House of Representatives' efforts to advance a National Flood Insurance Program (NFIP) reauthorization bill prior to the program's December 8 expiration. In addition to providing certainty with a long-term reauthorization that consumers can rely on and enhanced mitigation efforts, we are pleased the bill includes legislation (H.R. 1422) from Reps. Dennis A. Ross (R-FL) and Kathy Castor (D-FL) to facilitate the growth of a state-regulated private flood insurance market to provide consumers with more choices. We urge the Senate to act promptly to reauthorize the program prior to its expiration and encourage them to include similar reforms supporting private sector participation in these markets.

About the NAIC

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. For more information, visit www.naic.org.

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