Senate Passes Flood Bill
The Senate Thursday overwhelmingly passed and sent to the House legislation that would effectively delay for up to four years implementation of flood insurance premium rate hikes imposed by a 2012 law. The vote was 67-32.
The National Flood Insurance Program has more than 5.6 million subscribers. The Senate acted under tremendous pressure of the unintended consequences of the Biggert-Waters Act of 2012, which mandated imposition of actuarial rates for the NFIP over four years.