WASHINGTON, D.C., July 18, 2019 —The Independent Insurance Agents & Brokers of America (the Big “I") today released the following statement by Charles Symington, Big “I" senior vice president of external, industry & government affairs, on the Senate introduction of the NFIP Reauthorization Act (NFIP-RE) of 2019:
“The Big 'I' has serious concerns with the NFIP Reauthorization (NFIP-RE) Act of 2019 introduced earlier today. More than five million policyholders depend on the NFIP to insure their home or business against flooding, the most common and costly natural disaster in the United States. The Big 'I' has always believed that any long-term extension of the NFIP must work for current policyholders while making reforms to increase flood insurance take-up rates so that more consumers are covered should disaster strike. Unfortunately, this legislation would drastically reduce take-up rates for NFIP policies while failing to make needed reforms to help grow the private market. The Big 'I' looks forward to continuing to work with Congress and the administration to support a long-term reauthorization of a modernized program that would increase take-up rates for flood insurance both in the NFIP and in the private market."
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.