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Jun 24
Newsletter 6.24.2021

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Senate Banking Committee Holds Second Hearing on NFIP Reauthorization

Today, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Reauthorization of the National Flood Insurance Program, Part II." As of press time, the hearing was still ongoing but has covered several important topics, including the structure of the National Flood Insurance Program (NFIP), the need to reauthorize the program, affordability issues, mapping and mitigation, the role of private flood insurance, and last but certainly not least, Risk Rating 2.0.

The sole witness for this hearing was David I. Maurstad, deputy associate administrator for the Federal Insurance and Mitigation Administration at FEMA. In this position, Maurstad has played a leading role in the development of Risk Rating 2.0. Early on in his testimony, Maurstad urged Congress to approve a multi-year reauthorization of the NFIP with meaningful reforms before its scheduled expiration on Sep. 30, 2021.

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