Flood Insurance PAG Holds First Meeting – Will study impact of new flood insurance rules.
Earlier this past summer, NAR President Gary Thomas appointed a Presidential Advisory Group (PAG) to investigate the impacts that federal legisation passed last year to reform the National Flood Insurance Program (NFIP) will have on the real estate industry and property owners. The PAG held its first face-to-face meeting in Washington, DC on Oct. 1-3. The focus of this meeting was to educate PAG members on how the NFIP operates, the current status of the program, how the changes brought by the new law will reform the program, and to what extent flood insurance premium rates will increase. The PAG also made several recommendations on how the program can operate more effectively, so that it remains solvent and actuarially responsible without unduly burdening property owners. The PAG will submit a report to President Thomas at the Annual Conference in San Francisco.