Joint Committee Hearing Will Highlight
Changes to Federal Flood Insurance Program
9, 2014 –Hanson Quickel
– With flood insurance premiums on the rise following passage of the federal
Biggert-Waters Flood Insurance Reform Act of 2012, state Senator Gene Yaw has
said that the proposed changes could be disastrous for home and property owners
throughout Bradford, Lycoming, Sullivan, Susquehanna and Union counties.
throughout my Senate District have or will soon see their flood insurance bills
skyrocket to unprecedented levels,” Yaw said. “My constituents deserve an alternative to these drastic rate increases
and should not be forced from their homes because they cannot afford to pay
these new mandatory rates.”
the US Congress passed Biggert-Waters Flood Insurance Reform Act 2012
(BW-12). This legislation includes
significant changes to the National Flood Insurance Program (NFIP), which
affect property owners throughout Northeastern and Central Pennsylvania. The intention of the act is to make the
National Flood Insurance Program self-sufficient and move all policies to their
full actuarial rates.
Senator’s request, the Pennsylvania Senate Banking & Insurance Committee
and the Senate Environmental Resources and Energy Committee, of which Yaw is a
member, will hold a joint public hearing to discuss recent changes to the NFIP
and the impact on Pennsylvanians.
hearing has been scheduled for Tuesday, January 28, 2014 at 9:30AM in Hearing
Room 1 of the North Office Building, Harrisburg, PA 17120.
though I am aware that this is a federal issue, I am requesting a public hearing
of the Senate Majority Policy & Banking and Insurance Committees to assess
the implications for residents throughout Northeastern and Central
Pennsylvania, as this region will be heavily impacted. I believe we must weigh all options available
on the state level to protect our residents locally.”