ARLINGTON, Va.—While it said it continues to support the long-term reauthorization and continued modernization of the National Flood Insurance Program (NFIP), NAFCU is also raising concerns premiums may be raised too quickly, according to a letter the trade group sent to the Senate Banking Committee.
The letter was sent in conjunction with the Committee’s work on reauthorizing the NFIP.
NAFCU noted it has long supported legislation that would reauthorize the NFIP and improve the financial solvency of the program to maintain market stability.
Concerns Over Premiums
The association, however, cautioned against raising annual premium rates too quickly.
“NAFCU encourages Congress to enact a long-term reauthorization to reform and modernize the NFIP, and we stand ready to work with Congress in this regard,” wrote Vice President of Legislative Affairs Brad Thaler. “However, with the NFIP in danger of lapsing at the end of September, it is critical that Congress enact an extension of the program in time to ensure that the NFIP is not disrupted.”
The funding for the program was extended earlier this year when lawmakers reached a deal to pass the omnibus package in March.
“NAFCU appreciates the urgency with which Congress is acting to prevent this vital program from lapsing, as a lapse of the NFIP will leave millions of homeowners at risk and create disruptions and uncertainty in the housing market,” concluded Thaler.
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