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Flood insurance reform signed--now to analyze and implement

from IAEM

On Mar. 21, 2014, President Obama signed into law the Homeowner Flood Insurance Affordability Act of 2014, which repealed and modified certain provisions of the Biggert-Waters Insurance Reform Act. FEMA's official analysis is not yet available, however the current notice is posted. In testimony before the House Appropriations Subcommittee on Homeland Security on Mar. 26, Administrator Fugate indicated that the first priority is to immediately implement removal of the trigger to full actuarial rates at the point of sale of a property. The second priority is to process the refunds for properties sold between enactment of Biggert-Waters on Jul. 6, 2012 and enactment of the new legislation on Mar. 21, 2014. The third priority will be development and publication of new premium rates. The Association of State Floodplain Managers has shared an initial analysis of key provisions of the bill. more

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