Legislation Committee

Tom Leatherbee

Legislative Committee Chairman

Dear OFMA Members, Congress has passed a long term reauthorization for the NFIP and the bill is expected to be signed by the President within a short time. I have attached a copy of the bill, known as the Biggert-Waters Flood Insurance Reform Act of 2012. Until FEMA completes the rulemaking process it will be difficult to determine the impacts of any of the reform provisions contained in this bill, but most of these provisions deal primarily with allowing larger annual premium increases and moving further toward actuarial rates for commercial properties, vacation homes and non-owner occupied residences. Unlike many expected, there was no revision to extend mandatory purchase requirements to areas protected by levees.

 

 

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