The battle over a new federal regulation barring “disparate impact” in sale of homeowner’s insurance is moving to the courts.
Congress is currently deflecting intense pressure to roll back virtually all the increases in flood insurance premiums imposed in 2012.
Amendment passed Tuesday would bar the rate increases by preventing FEMA from using federal funds to implement Sec. 207.
The amendment passed 281-146, and the appropriations bill was later approved by the full House and sent to the Senate.
The decision is historic in that insurance, according to the Congressional Research Service, has been state regulated for 150 years.
GOP Rep. Randy Neugebauer asks for speedy approval from banking industry regulators, sparking calls for caution from some insurers.
Designation of insurer would be a change after 150 years of strictly state regulation.
Limit in deficit-cutting plan released Wednesday by White House.
FEMA sub-agency director says installment plan being worked on, along with studies on affordability and privatization.
Mississippi insurance commissioner makes that observation, while FEMA says agency continues to eye NFIP privatization.