Per congressional mandate, FIMA implemented the NFIP Reinsurance Program (NRP) on January 1, 2017. The primary objective of the NRP is to reduce the risk and volatility of the NFIP through implementation of a shared financial risk model. It is FIMA’s intention to institute a long term NRP, and the program office is currently analyzing ways to continue the services initially implemented on January 1st and provide a service that is sustainable for the agency. FIMA’s primary condition of success for the NRP will be the extent to which the NRP reduces the risk and volatility of the NFIP at a financially rewarding and viable price to the Government. Additional success metrics are being defined as the NRP evolves. As a result, FIMA requires reinsurance broker support services to continue performance of the NRP.
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