The National Flood Insurance Program (NFIP) is garnering attention in Washington, D.C. Both the House and Senate have held hearings on NFIP in recent days. Because the NFIP must be reauthorized by September 30 in order to continue selling flood insurance, the House and Senate are holding these hearings to petition ideas on how to reform this program.
The House held its first of several hearings on March 9, while the Senate met on March 14. NAR submitted two letters to the hearings with one outlining NARmember priorities for lasting NFIP reauthorization/reform and another regarding reintroduction of NAR-supported legislation encouraging a private market inaddition to NFIP.
Look for any major developments in future Legislative Updates.