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BREAKING NEWS: Senate voted to delay parts of BW-12 Reforms

by | Jan 30, 2014 | News & Views

Today, the U.S. Senate passed S.
1926, legislation to delay implementation of certain provisions of the
Biggert-Waters 2012 legislation phasing out discounts on flood insurance
premiums, said Sam Medlock, ASFPM’s policy and partnerships manager.

The Senate proposal, which would
reinstate flood insurance discounts for most affected properties, faces an
uncertain future in the House of Representatives and has been criticized by the
White House as eroding reforms achieved by Biggert-Waters to place the NFIP on
more sound financial footing and reducing FEMA’s ability to pay future claims
made by all policyholders.

ASFPM continues to work with
congressional committees, members, and staff to foster agreement on a more
moderate approach to preserve important financial reforms while addressing
significant concerns regarding the affordability of flood insurance,
particularly for lower-income property owners.

Additionally, ASFPM is exploring
opportunities to address needed mitigation and insurance affordability that are
available under current authorities in existing federal programs. For more
information on ASFPM’s views and opportunities to address affordability, please
see our paper “ASFPM Recommendations
to address the impact of NFIP Reform 2012 (BW-12).”

Following are stories from news agencies covering this breaking event:

From the Washington Post

http://www.washingtonpost.com/blogs/post-politics/wp/2014/01/30/senate-approves-delay-in-higher-flood-insurance-premiums/

From the New York Times

From the NOLA.com/Times-Picayune

http://www.nola.com/politics/index.ssf/2014/01/senate_votes_67-32_to_approve.html

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