National Flood Insurance Program: Issues Exposed by the 2005 Hurricanes

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House Hearing on Hurricane Issues on 6/12/2007 June 7, 2007

Posted by merlinlawgroup in Federal Legislation, Insurance, Hurricane Katrina. trackback The House Financial Services Subcommittee on Oversight and Investigations, and the Homeland Security Subcommittee on Management, Investigations and Oversight have scheduled a hearing for Tuesday, June 12, 2007 to discuss the National Flood Insurance Program and the interaction between the NFIP and private insurers and the allocation of wind vs. water insurance claims in light of preliminary findings from Government Accountability Office and Department of Homeland Security, Inspector General reports.

 

 Updated: June 15, 2007 as follows:

GAO PDF file LQ Summary: GAO Bottom Line Report to Congress

NATIONAL FLOOD INSURANCE PROGRAM
Preliminary Views on FEMA’s Ability to Ensure Accurate Payments on Hurricane-Damaged Properties
Tuesday, June 12, 2007

…The property-casualty insurer, NFIP, and the consumer all have a financial stake in the outcome of these determinations.

The lack of both wind and flood claims data limits NFIP’s ability to assess whether payments made on flood claims from the
2005 hurricane season were accurate.