The House Financial Services Committee met Thursday, June 15, 2017, to mark-up bills that could reauthorize and reform the National Flood Insurance Program (NFIP). The program, which provides almost 5 million flood insurance policies, is set to expire on September 30, 2017, unless it is reauthorized by Congress.
Seven (7) bills have been introduced to address the NFIP, and two (2) of the bills, H.R. 2868 (the National Flood Insurance Program Policyholder Protection Act of 2017) and H.R. 2874 (the 21st Century Flood Reform Act of 2017), were passed by the committee during the markup. An additional meeting will be held Wednesday, June 21, 2017, to mark-up the remaining five (5) bills.
The passage of these reforms could create new opportunities for private sector insurers. This may positively impact the excess and surplus lines industry by allowing surplus lines insurers to open and expand their business in the flood market.