(Alexandria, VA – Insurance News and Markets) – On Sept. 8, Jon Gentile the Vice President for Government Relations at the The National Association of Professional Insurance Agents (PIA) issued a statement on the short-term extension of the National Flood Insurance Program (NFIP).
“We view this short-term extension as a chance for Congress to provide taxpayers with the financial stability such a program requires by passing an essential long-term reauthorization of the NFIP. It has become apparent during this historic hurricane season that far too few homeowners have flood insurance, a situation that must be changed. Legislation providing for a long term reauthorization of the flood insurance program should be one that balances helping policyholders in need with ensuring the future financial viability of the NFIP,” Gentile said.
The PIA opposes the flood legislative package passed by the House Financial Services Committee earlier this year because it makes it more difficult for homeowners to get flood insurance. Lowering the reimbursement rate paid to NFIP carriers, who reimburse independent agents who sell the policies, could discourage sales of flood policies. The PIA wants more p0frotection for agents, to work toward a goal of increasing the number of properties covered by flood insurance offered by both the NFIP and the private sector.
Source: National Association of Professional Insurance Agents (PIA).