Implementation of rate cutbacks and other revisions to the National Flood Insurance Program mandated by a March law "has gone extremely well," an insurance industry official testified before a Senate panel today.
The hearing before the Homeland Security Subcommittee of the Senate Appropriations Committee was most notable for the lack of finger-pointing and anger that consumed earlier NFIP hearings and discussions as legislators debated altering the 2012 Biggert-Waters act.
Craig Fugate, administrator of the Federal Emergency Management Agency, Patty Templeton-Jones, executive vice president of the Wright National Flood Insurance Company and Donna Smith, chair of the Flood Insurance Task Force of the National Association of Realtors, all noted that implementation of those alterations, contained in the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), is going well.
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