Biggert-Waters Flood Insurance Reform On U.S. House Subcommittee Agenda Again as FEMA’s Craig Fugate Returns to Testify
Nov 18, 2013
Federal Emergency Management Agency Administrator Craig Fugate will once again testify on the Biggert-Waters Flood Insurance Reform Act of 2012 tomorrow, November 19, 2013, at a U.S. House Financial Services Housing and Insurance Subcommittee hearing entitled “Implementation of the Biggert-Waters Flood Insurance Reform Act of 2012: Protecting Taxpayers and Homeowners.”
To view hearing information, including a Congressional memorandum and live Webcast access, click here.
A primary goal of the Biggert-Waters Flood Insurance Reform Act of 2012 (“BWA”) was to require the National Flood Insurance Program (“NFIP”) to charge rates that more accurately reflect the actuarial risk of flooding that properties face. Those changes are enacted in sections 100205 (“section 205”) and 100207 (“section 207”) of the Biggert-Waters Act. Each section affects a different category of NFIP policyholders and sets its own schedule for how the new rates will be applied.
In general, section 205 pertains to formerly subsidized properties that are losing their grandfathered status and other properties facing new rates that have not been re-mapped. Section 207 applies only to those properties currently in the NFIP that are facing new rates because they have been re-mapped.
Tomorrow’s hearing is expected to explore ongoing implementation of the BWA and the ratemaking process for those policies affected by sections 205 and 207 of the legislation.
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