The Senate Banking & Insurance and Senate Republican Policy Committee will hold a joint hearing on changes to the federal flood insurance program on January 28 in Harrisburg.  The hearing was requested by Sen. Gene Yaw (R-Lycoming), Majority Chair of the Senate Environmental Resources and Energy Committee.

“Homeowners throughout my Senate District have or will soon see their flood insurance bills skyrocket to unprecedented levels,” Sen. 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.”

In 2012, the U.S. 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.

“Even 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,” said Sen. Yaw.  “I believe we must weigh all options available on the state level to protect our residents locally.”

The hearing will be held in Hearing Room 1 of the North Office Building starting at 9:30 a.m.

Sen. Don White (R-Indiana) serves as Majority Chair of the Banking and Insurance Committee, and Sen. Michael Stack (D-Philadelphia) services as Minority Chair.   Sen. Ted Erickson (R-Delaware) serves as Chair of the Senate Republican Policy Committee.

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1/13/2014