Subcommittee Examines Flood Insurance Program, Marketplace

January 13, 2016

This week, the House Financial Services Subcommittee on Housing and Insurance held two flood insurance hearings entitled:

 

Subcommittee Chairman Blaine Luetkemeyer (R-MO) stated, “With flooding happening from coast to coast, and most recently devastating my home state of Missouri, it is now more important than ever to examine flood insurance and the current construct of the National Flood Insurance Program (NFIP). This week, my subcommittee held hearings regarding challenges that face the NFIP and ways in which to create a more robust private flood insurance marketplace and to find ways to lessen the risk to taxpayers. After last week’s roundtable discussion on flood plain mapping, yesterday’s hearing discussing the NFIP, and today’s hearing, it is evident that total reliance on insurance coverage from the NFIP is inadequate. This subcommittee will continue to discuss efforts to reform flood insurance markets and allow for greater consumer choice so that in the future, we can lessen the amount of Americans who have to suffer from an inadequate system.”