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A legislative stab at bringing efficiency to federal budgeting

December 30, 2013

In Washington, government spending is discussed in terms of billions and trillions of dollars. A million bucks isn’t even enough to merit decimal-point mention in most agency budget....

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MimLogue

Dec-31-13 11:55 AM

Now this law has made properties around Lycoming county a Pariah, Thorough no fault of the owners , who have paid their flood insurance religiously, the government changed the game on us.

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MimLogue

Dec-31-13 11:52 AM

Million flood policies around the nation. There is no measure to decrease their commission in the Biggert Water's Act .

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MimLogue

Dec-31-13 11:50 AM

overspending & mismanagement by NFIP is also an issue. Is it really necessary to pay 55% of our annual premiums to run the program. 30% goes to Insurance Companies commissions without them holding any liability on each policy they write, and 20% to internal administrative costs. This doesn't include another 30% plus expenses to the Insurance Company for handling a Claim after a flood event. Then we pay another 30% of our premiums to interest. This data is from CBO reports which also state that NFIP has serious overspending issues. They spent billions for a program that was later dropped. I'm curious why the Insurance Lobbyists in Washington could be applauding Congress for passing this law when it doesn't affect them personally through any liability.they make a huge profit from increased 30% + 30% commissions and claims managing. If they sell a policy valued at $1,000 dollars, they earn $300.00, but if that same policy now costs, $10,000, they earn $3,000. Times that by 5.4 Milli

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DavidBross

Dec-30-13 9:53 AM

"But no one in the bureaucracy seems to have felt saving taxpayers' money was worth the trouble of filling out a form or two to close the accounts." I always smile when the amount of work to do something by someone else is described as not being much work at all.

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