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NFIP

Insurers will be vindicated of accusations of fraud for rejecting flood damage claims made by Superstorm Sandy victims, an insurance industry expert predicts. A criminal investigation by New York’s Attorney General Eric Schneiderman accuses insurers Wright National Flood Insurance Co., units of Travelers Cos. and Hartford Financial Services Group Inc., which contract with the government’s [...]

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Insurers have historically used FEMA’s Specific Rating Guidelines to calculate premiums for properties at high risk of flooding, particularly those built with the lowest floor elevation below the Base Flood Elevation (BFE). Prior to the National Flood Insurance Program’s extension in 2012 owners of these properties received subsidized rates well below the true flood risk. [...]

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The House Financial Services Committee has released its oversight plan for the 113th Congress. This is a nonbinding plan that each standing committee must submit at the start of each new legislative session spelling out the committee’s agenda for the session. While much of the House Financial Services’ plan includes review of Dodd-Frank implementation and [...]

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A building in Sheepshead Bay, Brooklyn, is flooded from Hurricane Sandy. When the five-year extension of the National Flood Insurance Program (NFIP) was signed by President Obama in July 2012, the debate over whether the federal government had a vital role in the flood insurance market seemed to be settled. From 2008 to the signing [...]

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