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INDUSTRY NEWS

GAO Releases Report to Congress on Mandatory Purchase Requirement

GAO Releases Report to Congress on Mandatory Purchase Requirement The GAO has released a report of their findings and recommendations related to the Mandatory Purchase Requirement of flood insurance for buildings in high hazard flood zones that serve as collateral for federally backed loans.   The study was conducted to offer considerations for FEMA to evaluate […]

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  • July 30, 2021
Risk Rating 2.0: Equity in Action – Joint Trades’ Special Briefing

Risk Rating 2.0: Equity in Action – Joint Trades’ Special Briefing The NFA joined the American Bankers Association and the Mortgage Bankers Association in hosting a special member briefing on NFIP’s Risk Rating 2.0: Equity in Action.  The session included a presentation and discussion led by FEMA’s Senior Executive David Maurstad and Chief Actuary Andy […]

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  • July 1, 2021
TMAC Stakeholder Survey

TMAC Stakeholder Survey The Technical Mapping Advisory Council (TMAC) is seeking feedback from flood industry stakeholders to incorporate into their recommendations to FEMA on the Future of Flood Risk Data (FFRD), specifically the possibility of transitioning to a graduated view of flood risk beyond “In” and “Out “ of the Special Flood Hazard Area. Changes […]

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  • June 28, 2021
NFA Submits Comments to Federal Financial Regulatory Agencies Regarding Private Flood Guidance

NFA Submits Comments to Federal Financial Regulatory Agencies Regarding Private Flood Guidance The NFA convened a multi-disciplinary group of stakeholders to review and develop comment for the Proposed Interagency Questions and Answers Regarding Private Flood Insurance, published in the Federal Register on March 18, 2021.   READ THE LETTERS Read the Letter to the Agencies (PDF) […]

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  • May 17, 2021
NFA Letter on NFIP to Senate & House

NFA Letters to Senate & House Leadership to Extend NFIP Authority As the September 30, 2020 expiration of the National Flood Insurance Program’s (NFIP’s) authority is rapidly approaching, the NFA submitted letters to the Senate and House leadership encouraging the timely extension of the program to prevent a lapse. The NFA is also encouraging member […]

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  • September 8, 2020
New Flood Risk Assessment Tool

New Flood Risk Assessment Tool The non-profit research and technology group, First Street Foundation, just released their online probabilistic flood model, FloodFactor, which provides more comprehensive flood risk information for U.S. properties in an easy-to-understand format.  The free tool is the product of more than 80 world-renowned scientists, technologists and analysts who worked in partnership to […]

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  • June 29, 2020
Report on Persistent Fiscal Exposure Despite Property Acquisitions

Report on Persistent Fiscal Exposure Despite Property Acquisitions The Government Accountability Office (GAO) has released a report regarding the efficacy of using FEMA grants to acquire repetitive loss properties to the NFIP’s overall and long-term fiscal exposure.  Findings reveal that although acquisition and demolition of these properties reduces certain risks to the program, highly-subsidized premium […]

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  • June 25, 2020
CRS Class Changes: FEMA Bulletin w-20007

CRS Class Changes: FEMA’s Bulletin w-20007 FEMA has issued bulletin w-20007 to communicate changes to the Community Rating System (CRS) classifications for communities that will take effect on October 1, 2020. The changes have implications for premium discounts afforded to NFIP policyholders based upon their respective communities’ efforts to meet FEMA’s recommended standards for mitigating […]

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  • June 23, 2020
Interagency Questions & Answers Regarding Flood Insurance

Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance Interagency Questions & Answers Regarding Flood Insurance:  a long-awaited draft revision of the 2011 document was jointly published by the Federal Financial Regulatory Agencies last Friday to update certain guidance and to reorganize subject matter to make it easier to reference. […]

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  • June 13, 2020