Obama signs measure that rolls back many 2012 flood insurance reforms

President Barack Obama has signed into law a bill that rolls back many of the reforms to the National Flood Insurance Program contained in the Biggert-Waters Flood Insurance Reform Act of 2012, the White House said Friday.

The Homeowner Flood Insurance Affordability Act — H.R. 3370 — repeals requirements in current law that certain properties have their flood insurance risk premium rate adjusted or set under the NFIP to accurately reflect that property's current risk of flood. It holds to 18% the maximum rate at which insurance premiums may be increased each year, and requires the NFIP to impose an annual surcharge on all newly issued or renewed flood insurance policies to help subsidize other NFIP policies.

The bill had been passed earlier this month by the House and Senate.