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Recent News of BW12 Rates Being Delayed






You may have seen recent news articles headlining the delay in the flood insurance rate increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW12).  These headlines, though they may be technically correct, are slightly misleading.

 

On Thursday, January 30th, one side of Congress, the Senate, passed the Senate bill S. 1926, which calls for the delay of implementing the BW12 rate increases that target certain properties which are receiving subsidized rates.  Though the bill was approved by the Senate, it must still be approved by the House of Representatives.  If the House makes any changes to the bill, it would have to go back to the Senate for another vote.  Once both houses of Congress approve the bill, then the President would have to sign it for it to become law.

So what this means is that this bill is still a long way from becoming law and being implemented by the FEMA/NFIP.  Here is a link to a recent story on this subject by the respected news source, http://www.propertycasualty360.com/2014/01/30/senate-votes-to-delay-flood-rate-hikes-for-4-years?eNL=52eab93d150ba0811a000042&utm_source=PC360DailyeNews&utm_medium=eNL&utm_campaign=PC360_eNLs&t=agency-management&_LID=72335893&utm_source=Recent+News+of+Flood+Rates+Delay&utm_campaign=BW12+Rate+Delay+Email&utm_medium=email

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October. 

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America.  "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement.  "But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."  

You may have also seen some news articles reporting the White House's opposition to the bill.  Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered.  However, you can be sure that there are no immediate changes to the BW12 rates being implemented at this time.


You may have seen recent news articles headlining the delay in the flood insurance rate increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW12).  These headlines, though they may be technically correct, are slightly misleading.

 

On Thursday, January 30th, one side of Congress, the Senate, passed the Senate bill S. 1926, which calls for the delay of implementing the BW12 rate increases that target certain properties which are receiving subsidized rates.  Though the bill was approved by the Senate, it must still be approved by the House of Representatives.  If the House makes any changes to the bill, it would have to go back to the Senate for another vote.  Once both houses of Congress approve the bill, then the President would have to sign it for it to become law.

 

So what this means is that this bill is still a long way from becoming law and being implemented by the FEMA/NFIP.  Here is a link to a recent story on this subject by the respected news source, PropertyCasualty360.comClick Here

 

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October. 

 

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America.  "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement.  "But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."  

 

You may have also seen some news articles reporting the White House's opposition to the bill.  Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered.  However, you can rest assured of two things:  1) there are no immediate changes to the BW12 rates being implemented at this time; and 2) Torrent will keep you informed of any developments.

 

Please do not hesitate to contact us if you have any questions or concerns.

You may have seen recent news articles headlining the delay in the flood insurance rate increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW12).  These headlines, though they may be technically correct, are slightly misleading.

 

On Thursday, January 30th, one side of Congress, the Senate, passed the Senate bill S. 1926, which calls for the delay of implementing the BW12 rate increases that target certain properties which are receiving subsidized rates.  Though the bill was approved by the Senate, it must still be approved by the House of Representatives.  If the House makes any changes to the bill, it would have to go back to the Senate for another vote.  Once both houses of Congress approve the bill, then the President would have to sign it for it to become law.

 

So what this means is that this bill is still a long way from becoming law and being implemented by the FEMA/NFIP.  Here is a link to a recent story on this subject by the respected news source, PropertyCasualty360.comClick Here

 

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October. 

 

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America.  "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement.  "But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."  

 

You may have also seen some news articles reporting the White House's opposition to the bill.  Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered.  However, you can rest assured of two things:  1) there are no immediate changes to the BW12 rates being implemented at this time; and 2) Torrent will keep you informed of any developments.

 

Please do not hesitate to contact us if you have any questions or concerns.

You may have seen recent news articles headlining the delay in the flood insurance rate increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW12).  These headlines, though they may be technically correct, are slightly misleading.

 

On Thursday, January 30th, one side of Congress, the Senate, passed the Senate bill S. 1926, which calls for the delay of implementing the BW12 rate increases that target certain properties which are receiving subsidized rates.  Though the bill was approved by the Senate, it must still be approved by the House of Representatives.  If the House makes any changes to the bill, it would have to go back to the Senate for another vote.  Once both houses of Congress approve the bill, then the President would have to sign it for it to become law.

 

So what this means is that this bill is still a long way from becoming law and being implemented by the FEMA/NFIP.  Here is a link to a recent story on this subject by the respected news source, PropertyCasualty360.comClick Here

 

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October. 

 

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America.  "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement.  "But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."  

 

You may have also seen some news articles reporting the White House's opposition to the bill.  Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered.  However, you can rest assured of two things:  1) there are no immediate changes to the BW12 rates being implemented at this time; and 2) Torrent will keep you informed of any developments.

 

Please do not hesitate to contact us if you have any questions or concerns.




Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October.

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America. "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement."But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."

You may have also seen some news articles reporting the White House'sopposition to the bill. Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered. However, you can rest assured of two things: 1) there are no immediate changes to the BW12rates being implemented at this time; and 2) Torrent will keep you informed of any developments

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October.

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America. "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement."But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."

You may have also seen some news articles reporting the White House'sopposition to the bill. Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered. However, you can rest assured of two things: 1) there are no immediate changes to the BW12rates being implemented at this time; and 2) Torrent will keep you informed of any developments

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October.

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America. "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement."But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."

You may have also seen some news articles reporting the White House'sopposition to the bill. Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered. However, you can rest assured of two things: 1) there are no immediate changes to the BW12rates being implemented at this time; and 2) Torrent will keep you informed of any developments

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October.

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America. "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement."But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."

You may have also seen some news articles reporting the White House'sopposition to the bill. Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered. However, you can rest assured of two things: 1) there are no immediate changes to the BW12rates being implemented at this time; and 2) Torrent will keep you informed of any developments

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October.

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America. "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement."But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."

You may have also seen some news articles reporting the White House'sopposition to the bill. Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered. However, you can rest assured of two things: 1) there are no immediate changes to the BW12rates being implemented at this time; and 2) Torrent will keep you informed of any developments

Please note a few sentences from this story:

"However, it is unlikely that the Senate bill will pass the House in its present form, and there is some question about how quickly the House will even act on any legislation ameliorating the rate hikes even though bills implementing the new rates have been going out since last October.

Officials of the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America voiced opposition, and they were joined by an unlikely ally: the Consumer Federation of America. "Most people would assume that a consumer group such as CFA would seek lower insurance rates for consumers," Robert Hunter, director of insurance for the CFA said in a statement."But we do not support lowering rates for an insurance program below sound prices, unless that is done by a separate program of subsidies, clearly identified and funded by taxpayers," Hunter added."

You may have also seen some news articles reporting the White House'sopposition to the bill. Of course no one can know for sure what the outcome will be of this bill, or any other similar bills being considered. However, you can rest assured of two things: 1) there are no immediate changes to the BW12rates being implemented at this time; and 2) Torrent will keep you informed of any developments

Posted 11:15 PM  View Comments

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