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Member, Beacon International Group, Ltd.
The Senate has followed the House of Representatives in approving legislation that would roll back some of the reforms made to the National Flood Insurance Program by the Biggert-Waters Flood Insurance Reform Act of 2012.
The Senate voted 72-22 in favor of the Homeowner Flood Insurance Affordability Act of 2014, H.R. 3370, on Thursday. Among other things, the measure, which was approved by the House earlier this month, limits the annual rate of increase in rates charged by the NFIP to 18% and provides subsidies for some policyholders.
The Biggert-Waters bill had required the NFIP to phase in risk-based rates for policies issued under the program, which is currently about $24 billion in debt. But policyholders hit with large increases complained to lawmakers.
The Senate passed a bill earlier this year that would have delayed rate increases for four years, but ultimately approved the House measure instead.