RAA CEO testifies on NFIP reform and reauthorisation
The Reinsurance Association of America’s (RAA) president Frank Nutter testified before the US’s House Subcommittee on Housing, Community Development and Insurance in support of a long-term reauthorization and reforms related to flood insurance.
Nutter was testifying on measures that seek to strengthen the program financial resiliency, develop a private flood insurance market, close the flood insurance protection gap, and create resilient and insurable communities.
He said: “We are encouraged the Committee recognizes the value that reinsurance can play in helping the NFIP to manage its financial risks and protect taxpayers, while looking to enhance the development of the private market.”
Nutter gave a seventeen-page testimony and urged Congress to enact reforms that will improve the program to the benefit of those facing flood risk and American taxpayers alike and encourage flood reform legislation to strengthen the NFIP’s financial framework and resiliency by preserving the NFIP’s highly successful Reinsurance Program and Risk Rating 2.0.
He added: “We look forward to working with Chairman Cleaver and Ranking Member Hill to ensure the reforms to the Program ease the financial burden for flood risk now borne by the Federal government and ultimately, the American taxpayer.”