Senate Banking Republicans eye changes to key insurance program after fires

Politics and Government Politics and Government

Wed, January 15, 2025

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Senate Banking Republicans eye changes to key insurance program after fires

^{Published on 2025-01-14 23:40:55 - MSN}

Republicans on the Senate Banking Committee are in the early stages of crafting legislation that could include changes to the National Flood Insurance Program and help victims of other natural disasters.

The article from MSN discusses how Senate Banking Committee Republicans are considering changes to the National Flood Insurance Program (NFIP) following recent wildfires in Hawaii. The NFIP, which is set to expire on September 30, 2023, has been criticized for its financial sustainability and its role in encouraging development in flood-prone areas. The wildfires, which caused significant damage, have highlighted the need for the program to adapt to not only flooding but also other natural disasters. Key points include potential reforms to make the program more financially stable, possibly by adjusting premiums to better reflect actual flood risk, and expanding coverage to include damages from other natural disasters like wildfires. There's also a push to address how the program might inadvertently promote risky development. The article notes that while there is bipartisan interest in reform, the specifics of what changes will be made remain under discussion.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/senate-banking-republicans-eye-changes-to-key-insurance-program-after-fires/ar-AA1xd6cN ]

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