WV SB 621 COMPLETED LEGISLATION AWAITING GOVERNORS SIGNATURE: The NFIP, as amended by the Biggert-Waters Flood Insurance Reform Act of 2012, will prevent many property owners from obtaining affordable flood insurance coverage in this state. The absence of affordable flood insurance threatens the public health, safety and welfare and the economic health of this state. Therefore, the state has a compelling public purpose and interest in providing alternatives to coverage from NFIP by promoting the availability of flood insurance from private market insurers at potentially lower premium rates so as to facilitate the remediation, reconstruction and replacement of damaged or destroyed property in order to reduce or avoid harm to the public health, safety and welfare, to the economy of this state, and to the revenues of state and local governments which are needed to provide for the public welfare. (Text from Bill as introduced.) (By Senate President Pro Tempore Larry Edgelll; Rocky Fitzsimmons; Senate President Jeff Kessler, Jack Yost and Cookman)
Posted on: Sun, 09 Mar 2014 06:12:12 +0000
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