Hearings ahead on NFIP, terrorism risk insurance
Sept. 16, 2013 – NAFCU lobbyists will be on the Hill this week as Congress takes a look at the Biggert-Waters Flood Insurance Act of 2012 and the Terrorism Risk Insurance Act of 2002.
The Senate Banking Committee will meet in an open session Wednesday for the hearing, “Implementation of The Biggert-Waters Flood Insurance Act of 2012: One Year After Enactment.” Witnesses include Sens. David Vitter, R-La., and Mary Landrieu, D-La., Federal Emergency Management Agency Administrator William Craig Fugate, and Financial Markets and Community Investment Director Alicia P. Cackley, among others.
NAFCU lobbyists also plan to follow a hearing Thursday by the House Financial Services Committee on the 2002 Terrorism Risk Insurance Act. The act provides a federal backstop for private terrorism-risk insurance and is set to expire at the end of 2014. Several bills have been offered, including by Republican Reps. Michael Grimm and Peter King, both of New York, to extend the law several years. Grimm has proposed a five-year extension, and King has proposed a 10-year extension.