FEMA Announces Reforms To Restore Credibility Of NFIP

Tuesday, May 24th, 2016 Catastrophe Legislation & Regulation Property Risk Management

The head of FEMA’s National Flood Insurance Program has announced major reforms in the wake of accusations of fraud and delays in the insurance review process. Roy Wright, who took the helm at the flood insurance program 10 months ago, said the changes would increase oversight of private companies that offer flood insurance, according to an Asbury Park Press report. “We didn’t have the policy holder at the center of what we were doing,” Wright said. “A series of long-term actions need to be taken.” The reforms, announced Monday, are intended to increase transparency and FEMA’s oversight of the 79 private insurers that issue flood insurance policies.

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http://www.ibamag.com/news/femas-flood-insurance-program-announces-sweeping-reforms-32352.aspx

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