Property Casualty Insurers Association of America (PCI) is positive about a draft from House Financial Services Subcommittee Chairman Blaine Luetkemeyer, entitled
“Principles for Flood Insurance Reauthorization and Reform.”
Nat Wienecke, PCI senior vice president for federal government relations said the move is an “encouraging sign” from Congress to provide “market stability” by reauthorizing the National Flood Insurance Program (NFIP) even before the September 2017 deadline.
PCI is comprised of around 1,000 member companies, which write nearly $200 billion in annual premiums, representing 35% of the nation’s property casualty insurance.
“PCI commends the leadership of House Financial Services Subcommittee Chairman Blaine Luetkemeyer and strongly supports his pro-consumer ‘Principles for Flood Insurance Reauthorization and Reform’ released today,” said Wienecke.
“PCI strongly supports the committee’s commitment to consumer choice by facilitating more private sector participation in both the flood insurance marketplace and the NFIP.
“(We also thank committee chair Jeb) Hensarling and his long-standing support for increasing consumer choice and a more robust private sector flood insurance marketplace. PCI looks forward to working with the chairman and members of the committee on developing the details of these principles,” concluded Wienecke.
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