On April 26, Sens. Bill Cassidy (R-La.) and Kristen Gillibrand (D-N.Y.) introduced draft legislation to reauthorize the National Flood Insurance Program (NFIP). The bill, which would reauthorize the program for 10 years, proposes several changes to the program’s operations, including encouraging the Federal Emergency Management Agency to transfer more risk to capital markets and remove certain hurdles for more competition by private insurers. The bill comes as Congress prepares to begin discussions in earnest on reauthorizing the NFIP before it expires at the end of September. Last week, Dr. Cassidy sent a letter to Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Chuck Schumer (D-N.Y.) advocating for the reauthorization of the NFIP. US Senators Marco Rubio (R-Fla.), John Kennedy (R-La.), Thad Cochran (R-Miss.) and Bill Nelson (D-Fla.) coauthored the letter.
A full summary of the bill is available here.
A copy of the proposed Draft legislation may be accessed here.