PIA National Instant Update: Insurance Regulatory Reform & NFIP (11/4/09):
PIA supports comprehensive reforms to the National Flood Insurance Program (NFIP). Our top concerns include:
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It is critical that the Congress address the program prior to its quickly approaching expiration on September 30, 2009.
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PIA does not support the addition of the multiple peril (wind) coverage in NFIP.
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PIA supports the forgiveness of the NFIP’s debt currently at $19.1 billion.
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Multi-year authorization of NFIP by Congress, in this case five years, in order to operate a balanced, consistent program.
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Coordinate flood coverage for commercial policies in the area of business interruption insurance (BII). BII is now only available in the private sector property market on a “covered peril” basis.
To learn more about PIA's position on the National Flood Insurance Program, read the July 2009 NFIP PIA Position Paper (PDF file).
