While the sometimes glacial pace of the legislative process often flummoxes insurance industry observers, two items of great import to the industry are advancing in the upper chamber.
Yesterday, the Flood Insurance Reform and Modernization Act of 2011 passed the Senate Banking Committee and now moves to the full chamber for a vote. The bill would extend the National Flood Insurance Program by five years and would overhaul the cash strapped program’s finances by phasing out subsidies, expanding mandatory coverage areas and introducing actuarially sound rates.
Charles Symington, SVP of government affairs for the
“A five year extension is of the utmost importance, as are reforms to put the program on sound financial footing,” Symington said. “With almost exactly three weeks left before the expiration of the NFIP, we urge Senate leadership to quickly bring this bill to the full Senate floor for consideration to allow both the House and Senate enough time to reconcile their two bills. We are now closer to achieving a long term reform and extension bill than at any point in recent memory and we are hopeful that the House and Senate will finally push this over the finish line.”
The committee also voted favorably on the nomination of Roy Woodall to serve on the Financial Stability Oversight Council (FSOC) as a voting member with insurance expertise. Leigh Ann Pusey, president and CEO of the
“AIA and its member companies are pleased that Mr. Woodall’s nomination to serve as the independent voting insurance member position on the FSOC was approved by the Senate Banking Committee today,” Pusey said in a statement. “He is a dedicated public servant who has devoted his professional career to the field of insurance and will fill a critical position serving as an important voice for the insurance industry on the FSOC. We hope his nomination will be considered by the full Senate in an expedited fashion.”
