8/2/13 - NAIC President Weighs in on Flood Insurance
Jim Donelon, NAIC President and Louisiana Insurance Commissioner

Jim Donelon, Louisiana Insurance Commissioner and NAIC President, participated on Thursday in a roundtable hosted by the U.S. Government Accountability Office (GAO) to examine potential options for flood insurance privatization. Topics for the discussion included barriers to private sector involvement, options for privatization and potential governmental roles. The purpose of the discussion was to provide insight to the GAO as they draft a report and recommendations for Congress on flood insurance issues.

The National Flood Insurance Program (NFIP) is a Federal program, managed by the Federal Emergency Management Administration (FEMA), and has three components: to provide flood insurance, to improve floodplain management and to develop maps of flood hazard zones. The NFIP was enacted primarily because flood insurance was virtually unavailable from the private insurance markets following frequent widespread flooding along the Mississippi River in the early 1960s.

CIPR Topic: NFIP | CONSUMER ALERT: Flood Insurance