reported the actuarial rates
of 2%, 12%, 26% after 3, 5 and 10 years of SRS, respectively.
The actuarial rates
charged for flood coverage under the NFIP are not sufficient, and it's created a debt of about $25 billion.
"Now with new actuarial rates
, private carriers see some money can be made," added Kammas, who explained that even if the bill passes, the NFIP will still be able to offer flood insurance, but they will no longer be the primary provider of flood insurance.
The proposition faces opposition from some lawmakers who believe people who could afford second homes or vacation homes generally have sufficient income to pay actuarial rates
for flood insurance.
They would also need to compete with the NFIP, which as a government entity is able to offer coverage that is, on average, below actuarial rates
. The event that may have upset this equilibrium was Congress' passage of the Biggert-Waters Act.
Three months before Superstorm Sandy struck, Congress passed legislation phasing in actuarial rates
for those insured through the National Flood Insurance Program (NFIP).
What they should have been referring to was the 2012 law reauthorizing the National Flood Insurance Program (NFIP) and mandating that subscribers pay actuarial rates
The removal of subsidies for pre-firm secondary buildings and businesses will increase these premiums 25 percent until these types of properties are more in line with actuarial rates
Those reforms include phasing in new actuarial rates
for certain properties, such as second and vacation homes, commercial properties, homes sold to new owners and repetitive loss properties, during the next five years.
Additional optional policy coverage would be added under the bill, allowing business owners to purchase business-interruption coverage at actuarial rates
to better prepare them to meet payroll and other obligations during the next big storm.
Anyway, the income the pension pot buys at the end of it all depends on actuarial rates
prevailing at the time, which nobody can guess.