American Property Casualty Insurance Association
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Eileen Gilligan







March 21, 2014

President Obama Signs H.R. 3370 into Law

WASHINGTON – President Obama has signed H.R. 3370, “The Homeowner Flood Insurance Affordability Act of 2014” into law. H.R. 3370 passed the House on March 4 and the Senate on March 13. Nat Wienecke, senior vice president, federal government relations for Property Casualty Insurers Association of America (PCI) issued the following statement today.

"H.R. 3370 will address some of the ‘unintended consequences’ impacting flood insurance policyholders following the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012,” said Wienecke. “We thank Congress for working with the industry to address the technical and timing realities of implementing any programmatic changes to the National Flood Insurance Program (NFIP) ensuring a thoughtful and transparent implementation process for policyholders and other stakeholders.

 “PCI strongly supports a financially sound NFIP and moving the NFIP toward sound financial footing, protecting policyholders and taxpayers, and setting flood insurance rates on a path to encourage the gradual expansion of a private market for flood insurance.

“We will continue to work with Congress on the long-term affordability and availability of flood insurance, as well as the long-term financial soundness of the NFIP,” concluded Wienecke.

PCI’s members include more than two-thirds of the insurers that partner with the NFIP through the “write-your-own” (WYO) program to sell, service, and administer this federal program. PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.