Today, US Senator Bill Cassidy, MD (R-LA) released a statement following the introduction of the Senate Banking Committee’s legislation that would reauthorize the National Flood Insurance Program (NFIP) so it is more affordable and sustainable.
Cassidy applauds the Senate Banking Committee for taking the next step in reauthorizing the National Flood Insurance Program with the introduction of base text that includes many provisions from the Cassidy-Gillibrand Flood Insurance Affordability & Sustainability Act of 2017, such as:
- Modernizing flood mapping procedures by leveraging up-to-date technology
- Expanding risk transfer authority to encompass catastrophic bonds and other insurance-linked securities
- Utilizing replacement cost value methodology in premium calculations, yielding lower premiums for less expensive homes
- Updating Increased Cost of Compliance (ICC) coverage with 100% of ICC payments allowed to occur outside traditional policy limits
- Incorporating alternative mitigation techniques for multifamily buildings in urban areas in the calculation of flood insurance premiums
“I look forward to working with committee to strengthen the affordability, accountability, and mitigation provisions of this legislation,” said Dr. Cassidy.