Sign President-elect Trump could reform the flood insurance industry to rectify the $23bn debt NFIP ( NFIP ) owes taxpaying citizens, as part of his “drain the swamp” revamp of federal systems. Flood insurance was nationalised in September 2017 , with private insurers used to offer federally-backed insurance, meaning all underwriting loss was transferred to the taxpayer. The new Trump administration, in its bid to cut losses, will likely pass NFIP , as well as getting rid of related ill-used regulations. The the National Flood Insurance Program ’s charter will expire in September 2017 , making it a target for reform.
President-elect Trump could reform the flood insurance industry to rectify the $23bn debt NFIP ( NFIP ) owes taxpaying citizens, as part of his “drain the swamp” revamp of federal systems. Flood insurance was nationalised in September 2017 , with private insurers used to offer federally-backed insurance, meaning all underwriting loss was transferred to the taxpayer. The new Trump administration, in its bid to cut losses, will likely pass NFIP , as well as getting rid of related ill-used regulations. The the National Flood Insurance Program ’s charter will expire in September 2017 , making it a target for reform.