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​PIA National on NFIP Renewal — How the PIA is fighting for the independent agent on this issue

Posted By Staff Reporter, Tuesday, November 27, 2018


Whether you're a PIA Member or not, The PIA works hard to fight for the independent insurance agent on Capitol Hill.  Here's how:

This may change between now and the time you read this story. However, our experience is that it won’t change at all before the November 30th deadline.

At the end of this week the National Flood Insurance Program (NFIP) expires again. PIA National — and other insurance, real estate and banking groups — want Congress to get to work and get the job done.

A national grassroots alert has been issued. PIA members are encouraged to take a few minutes to send an action alert, which can be found here: https://pianet.com/grassroots/action.

PIA supports a bill introduced by Louisiana Republican Sen. John Kennedy and New Jersey Democrat Sen. Robert Menendez that reauthorizes the program. Kennedy calls it a clean bill that extends the NFIP through May of next year.

That reauthorization does not — however — include any reforms to the program.

“I am increasingly frustrated that we haven’t made long-term fixes to the NFIP. However, this program is absolutely necessary to more than five million American homes and businesses,” Kennedy said.

Both senators say the program needs an extensive overhaul but for right now, Menendez said getting it extended is the most important issue. “But with the NFIP set to expire in about two weeks and no movement on the horizon, it’s critical that we prevent a lapse that would disrupt the real estate market and leave thousands of families uninsured and vulnerable,” Menendez said.

Another renewal possibility comes in the government funding legislation that has to be done by December 7th.

To put pressure on Congress, the PIA has signed onto a joint trades letter sent to House Speaker Paul Ryan, House Minority Leader Nancy Pelosi, Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell. The letter says, “A lapse of the NFIP, will leave millions of Americans at risk and cause disruption in the over 20,000 communities across the country that depend on the program.”

he letter also points a finger at Congress and says it’s time to stop the months of debating program reforms and get some work done. “This has already resulted in a series of seven stop-gap extensions and two brief lapses in 2017 and 2018. The NFIP is currently the main source of flood insurance in the United States, and Americans deserve certainty and stability in the flood insurance marketplace to be able to protect their homes and loved ones.”

The letter also notes that flooding is the most common — and the most costly — disaster in the United States.

 

Here’s a list of the groups adding their signatures to the letter:

American Bankers Association

American Insurance Association

American Land Title Association

Association of State Floodplain Managers

Coalition for Sustainable Flood Insurance

The Council of Insurance Agents & Brokers

The Independent Community Bankers of America

The Independent Insurance Agents & Brokers of America

International Council of Shopping Centers

Manufactured Housing Institute

Mortgage Bankers Association

National Apartment Association

National Association of Home Builders

National Association of Insurance and Financial Advisors

National Association of Mutual Insurance Companies

National Association of Professional Insurance Agents

National Association of REALTORS®

National Flood Association

National Leased Housing Association

National Multifamily Housing Council

Property and Casualty Insurers Association of America

Reinsurance Association of America

The Risk Management Society

United Policyholders

U.S. Chamber of Commerce

Wholesale & Specialty Insurance Association

 

Source links: PIA National, Insurance Journal

Tags:  grassroots campaign  insurance content  insurance industry  National Flood Program 

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