Nov 18 - The Independent Community Bankers of America and a coalition of 15 trade associations have called on the Federal Emergency Management Agency to immediately convene a National Flood Insurance Summit on the Biggert-Waters Flood Insurance Reform Act of 2012. In a joint letter from ICBA and other representatives of the real estate, development, finance and insurance industries and local governments, the coalition wrote that uncertainty and confusion surrounding the implementation of the act are beginning to stall real estate transactions nationwide.
“We believe this summit should be separate from legislative efforts, and should focus on the provisions of the reform act that require immediate attention and clarification,” the coalition wrote. “We have many questions about FEMA’s plans, timelines and challenges, and we need up-to-date and accurate data.”
The Biggert-Waters Act has led to dramatic increases in National Flood Insurance Program premiums, which threaten to make flood insurance unaffordable for many policyholders who built to code and followed the law every step of the way. ICBA has repeatedly called on Congress to delay premium increases until FEMA completes its congressionally mandated affordability study.
In the joint letter requesting a National Flood Insurance Summit, the coalition proposed several topics to begin the discussion, including
For more information, visit www.icba.org/.