Original source: https://subscriber.politicopro.com/energy/whiteboard/2019/06/waters-mchenry-strike-flood-insurance-deal-3383168
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Politico Pro (06/06/19) Warmbrodt, Zachary
U.S. House Financial Services Chairwoman Maxine Waters and ranking member Patrick McHenry have reached agreement to a reauthorization of the National Flood Insurance Program (NFIP), that has been operating on a run of stop-gap extensions since 2017. The laws agreed to by Waters and McHenry will reauthorize the program through Sept. 30, 2024, and make many changes to the program’s operations to make flood insurance more affordable. Among other things, the bill could create a demonstration program to provide financial help to low income policyholders, repeal surcharges, and allow policyholders to earn monthly rather than yearly payments. Further, most policyholders who abandon the program and buy a private policy could be permitted to go back to the NFIP with no penalty. The Financial Services Committee is scheduled to mark up the laws on June 11. Associated Story: Business Insurance (registration)… Read More
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