Today, US Senators Bill Cassidy, MD (R-LA) and John Kennedy (R-LA) secured passage of an amendment to the FAA reauthorization bill which preserves the ability of Congress to pass comprehensive reform and reauthorization of the National Flood Insurance Program (NFIP) later this year.
The Cassidy-Kennedy-Rounds Amendment removes the Flood Insurance Market Parity and Modernization Act from the FAA reauthorization bill, so that provisions allowing for privatization of flood insurance may be included in full, comprehensive NFIP reform and reauthorization.
“To protect homeowners, flood insurance must be addressed whole piece not piecemeal,” said Dr. Cassidy. “I and the Senate are committed to protecting homeowners which is why the amendment passed.”
“As hurricanes Harvey and Irma showed this year and the Louisiana floods showed last year, flooding can destroy a family’s biggest asset in very little time. The National Flood Insurance Program helps families across the U.S. rebuild after devastation strikes. Comprehensive reform is needed to ensure the program is affordable and sustainable. Now we can focus on smart reforms that maximize taxpayer dollars without financially crippling families,” said Senator Kennedy.
“GNO, Inc. and the Coalition for Sustainable Flood Insurance commend Senator Cassidy for his amendment to secure comprehensive NFIP reform on today’s FAA reauthorization legislation,” said Michael Hecht, President and CEO of GNO, Inc. on behalf of the Coalition for Sustainable Flood Insurance. “The NFIP is in need of reform, but those reforms need to be made as part of the broader effort to reauthorize the NFIP ahead of the December 8 expiration, not as a piecemeal approach. The legislation introduced by Sens. Cassidy and Gillibrand earlier this year advances these needed reforms to the NFIP while still protecting policyholders, enhancing opportunities for mitigation, improving mapping, and considering ways to increase program participation. We urge the Senate to advance this measure quickly so the NFIP can be reauthorized and reformed on time.”
To view the amendment, click here.