Congressional Hearing on Expanding Private Flood Insurance
January 1, 2017
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The Frame
The hearing explores legislative and regulatory changes that could shift flood insurance coverage from the government-backed National Flood Insurance Program (NFIP) to private insurance companies, potentially altering coverage options and premiums for property owners in flood-prone areas.
Potentially affected actors named in the source documents. Mention is not a position.
Property owners in flood zones
Changes to the flood insurance market could impact the availability, cost, and terms of their required flood insurance coverage.
Private insurance companies
Regulatory changes discussed could create new opportunities for these companies to enter or expand their presence in the flood insurance market.
National Flood Insurance Program (NFIP)
The program's market share and financial structure could be impacted by an increase in private sector competition.
Last recorded activity January 1, 2017.
Next step not available in the current record.
Summary
Why It Matters
The hearing explores legislative and regulatory changes that could shift flood insurance coverage from the government-backed National Flood Insurance Program (NFIP) to private insurance companies, potentially altering coverage options and premiums for property owners in flood-prone areas.
Key Facts
- The hearing was held on January 13, 2016, by the Subcommittee on Housing and Insurance.
- The primary objective was to discuss creating a more robust and private flood insurance marketplace.
- Testimony was provided by representatives from the Center for Economic Justice, Mortgage Bankers Association, National Association of Professional Surplus Lines Offices, and the National Association of Insurance Commissioners.
- The record includes numerous letters and supplemental materials from industry groups including the American Bankers Association, National Association of Realtors, and SmarterSafer.org.
- The hearing is documented as Serial No. 114-68 of the 114th Congress.
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Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Shift toward private flood insurance
The hearing highlights a concerted legislative effort in 2016 to move flood risk management from federal government programs to the private insurance sector.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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