State Flood Managers: Forgive NFIP's
$25 Billion Debt
Congress should admit that the $25 billion debt of the National
Flood Insurance Program (NFIP) will never be repaid, and forgive it. That's
the assessment of the Association of State Floodplain Managers (ASFPM), who
say the $400 million in annual interest payments would be better spent on
flood mitigation efforts, reports Bloomberg.
"This program cannot possibly pay this back; I don't care how high you raise
the rates," Larry Larson, director emeritus and senior policy adviser of ASFPM,
told Bloomberg BNA. "It's the federal government paying itself. It's kind
Larson's comments come shortly after the American Academy of Actuaries
told Senate staff that the NFIP's debt was primarily caused by big disasters
like Hurricane Katrina and Superstorm Sandy. The issue of funding with regard
to such events is a public policy question, not an actuarial one, Rade Musulin,
the academy's vice president of casualty, recently told Bloomberg BNA
ahead of a congressional briefing held by his group. Musulin, the academy's
vice president of casualty, recently told Bloomberg BNA ahead of a
congressional briefing held by his group.
Get to Market Faster With Fillable
Needed for Pilot Program
If you're a producer in the field and you've experienced the tedium of
completing a set of ACORD applications and carrier supplements to obtain
a quote, then PIA's new pilot program may be for you.
PIA is reviewing a potential new member benefit program that promises to
help producers get to market faster with a comprehensive library of fillable
Enter information once and the data flows to the remaining
ACORD forms making the submission process faster and easier. Producers can
complete forms offline and then share applications and supplements with their
office, carriers, wholesalers and clients.
This solution will be most useful to producers in the field who need to share a
submission for any line of business with their office, direct carrier markets,
wholesalers and brokers. Agencies that will specifically benefit may write hard
to place personal or commercial risks, Farm/Agriculture, Surety, High Net Worth
Personal Lines, Professional and Executive Lines such as D&O, E&O, Cyber,
Fiduciary, EPLI, and Crime. The "always available" application provides fillable
forms required for complete submissions, without retyping shared information
across all forms. Additionally, any agency personnel who need access to a library
of other fillable ACORD forms such as claims, AOR/BOR, and forms not available
in their current system can do so with this application.
We are now looking for PIA members who would like to participate in a pilot
program to test this new application.
There will be no cost
participate in the pilot program. If this sounds interesting to you, please
email Alexi Papandon in PIA's national office at
for more information
and a brief discussion to ensure fit. Your email does not obligate you to
Upcoming Elections Report from
Team at Adams & Reese
Louisiana's legislative atmosphere is set to change prior to the 2018 Regular
Session with several veteran legislators qualifying to further serve the public
in other capacities this week. In addition to current legislators seeking higher
office, those qualifying to succeed them are expected to impact the dynamics of
both the Senate and the House. The qualifying period began at 8:00am on Wednesday
and ended at 4:30pm today.
here for a listing of who the Secretary of State's
Office has qualified to run in the upcoming election period.