Louisiana Senators Push for Delay in NFIP Rate Hikes
Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies voiced deep concern over the amendment, as did R.J. Lehmann, a senior fellow at the R Street Institute, a conservative think tank based in Washington.
…“The NFIP has been offering flood insurance at below-risk rates for 45 years, in the process racking up some $30 billion in debt to the federal Treasury,” Lehmann said. “Congress finally acted last year to end the most egregious subsidies, but still preserved them for most primary residences. These reforms are modest, fair and were subjected to years of debate before they were signed into law. There is no call to slow or reverse that process now.”
