Big “I” Provides Senate Appropriations Committee with Agent Perspective on National Flood Insurance Program
Association submits testimony to subcommittee regarding implementation of two laws.
WASHINGTON, D.C., July 23, 2014 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today submitted testimony before the U.S. Senate Committee on Appropriations Subcommittee on Homeland Security at a hearing entitled, “Insuring our Future: Building a Flood Insurance Program We Can Live With, Grow With, and Prosper With.”
The hearing is set to discuss the implementation of two laws that directly impact the National Flood Insurance Program (NFIP): the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters) and the Homeowners Flood Insurance Affordability Act (HFIAA) which was signed into law in March 2014.
”The Big ‘I’ welcomes the opportunity to provide the independent insurance agent and broker perspective on implementation of both Biggert-Waters and HFIAA,” says Charles Symington, Big “I” senior vice president for external and government affairs. “The Big ‘I’ is pleased to offer insight and looks forward to continuing to work with the committee on this critical issue for homeowners and business owners.”
In its testimony before the Senate Subcommittee, the Big “I” stated that “In stark contrast to the uncertainty and confusion during the initial implementation of Biggert-Waters, we are happy to report to the Committee that, to date, the roll-out of HFIAA has gone rather smoothly.” The association, however, went on to note that “Of course, not everything is perfect regarding implementation, and there will undoubtedly be challenges going forward.”
The Big “I” testimony is available HERE. Additional information on the hearing is also available on the committee’s website.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.