Bill Text: NJ AR175 | 2012-2013 | Regular Session | Introduced
Bill Title: Urges Congress to pass, and President to approve, H.R. 1485 to modify phase-in increases in flood insurance premium rates.
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2013-06-06 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [AR175 Detail]
Download: New_Jersey-2012-AR175-Introduced.html
Sponsored by:
Assemblyman SCOTT T. RUMANA
District 40 (Bergen, Essex, Morris and Passaic)
Assemblyman DAVID C. RUSSO
District 40 (Bergen, Essex, Morris and Passaic)
SYNOPSIS
Urges Congress to pass, and President to approve, H.R. 1485 to modify phase-in increases in flood insurance premium rates.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution respectfully urging Congress to pass, and the President to approve, H.R. 1485, to amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium rates for certain properties.
Whereas, Last year Congress passed a long-term reauthorization of the National Flood Insurance Program (NFIP) in the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act); and
Whereas, While the Act seeks to provide uninterrupted access to flood insurance coverage for our nation's home and business owners, it also authorizes steep increases in premiums over the next several years; and
Whereas, The Act's sponsors and supporters could not have anticipated that substantial increases in insurance premiums would commence while home and business owners were grappling with one of the costliest and most destructive storms in our nation's history; and
Whereas, While the main goals of the Act are certainly worthy, the devastating impact of Super Storm Sandy simply could not have been anticipated at the time of passage; and
Whereas, As a result of the 2012 reauthorization of the NFIP, thousands of New Jersey residents face significant increases in federal flood insurance premiums, while they continue to work tirelessly to recover from Super Storm Sandy; and
Whereas, The unprecedented circumstances faced by those attempting to rebuild coupled with the additional burden of a flood insurance rate increase on home and business owners as currently proposed would be financially devastating; and
Whereas, To address this time-sensitive matter, three members of Congress from New Jersey, Rep. Frank A. LoBiondo, Rep. Jon Runyan and Rep. Christopher H. Smith, introduced H.R.1485, which seeks to ease this financial burden by modifying the phase-in increases in flood insurance premium rates for certain properties; and
Whereas, The economic hardships brought by the confluence of this storm and the 2012 legislative reforms require a sensible phase-in of flood insurance rate increases; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House respectfully urges Congress to pass, and the President to approve, H.R. 1485, to amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium rates for certain properties.
2. Duly authenticated copies of this resolution, signed by the Speaker of the General Assembly and attested by the Clerk, shall be transmitted to the President of the United States, the Majority and Minority Leaders of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and each member of Congress elected from this State.
STATEMENT
This resolution respectfully urges Congress to pass, and the President to approve, H.R. 1485, to amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium rates for certain properties. The National Flood Insurance Program was reauthorized and continued by the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act). While the Act seeks to provide uninterrupted access to flood insurance coverage for our nation's home and business owners, it also authorizes steep increases in premiums over the next several years. The main goals of the Act are certainly worthy, but the devastating impacts of Super Storm Sandy simply could not have been anticipated at the time of passage, and the sponsors and supporters could not have anticipated that substantial increases in insurance premiums would commence while home and business owners were grappling with one of the costliest and most destructive storms in our nation's history. The economic hardships brought by this storm require a sensible phase-in of flood insurance rate increases.
To address this time-sensitive matter, three members of Congress from New Jersey, Rep. Frank A. LoBiondo, Rep. Jon Runyan and Rep. Christopher H. Smith, introduced H.R.1485, which seeks to ease the financial burden on those most affected by Super Storm Sandy. This resolution, therefore, urges Congress to pass, and the President to approve, H.R. 1485, which will modify the phase-in increases in flood insurance premium rates.
