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Member, Beacon International Group, Ltd.
WASHINGTON—The Obama administration wants Congress to pass legislation that would reauthorize and reform the National Flood Insurance Program.
In a statement of administration policy issued Thursday, the Office of Management and Budget said the administration is “pleased” that the Flood Insurance Reform Act of 2011 would give the Federal Emergency Management Agency greater flexibility to set premium rates.
The statement also said that the measure—H.R. 1309—provides “improved protection for American taxpayers by requiring FEMA to use actuarial principles in determining full flood risk rates for certain properties.”
In addition, OMB noted that the measure would authorize studies and pilot programs “to test alternative approaches to flood insurance that is sustainable and cost-effective.”
The House Financial Services Committee unanimously approved the bill in May.
In calling on the full House to pass the bill, OMB said the measure would “strengthen the NFIP’s current financial position and increase its ability to fund future claims.”