SCHUMER: IT’S TIME TO RETIRE FEMA’S ‘WYO’ MODEL FROM THE 80’S; SENATOR URGES FEMA TO DO AWAY WITH ‘WRITE YOUR OWN’ INSURANCE COMPANIES; AS MANY AS 80 PRIVATE INSURANCE COMPANIES ARE SHORT-CHANGING NEW YORK SANDY VICTIMS, CHURNING PROFIT & UNFAIRLY REDUCING PAYMENTS TO HOMEOWNERS

For the first time ever, U.S. Senator Charles E. Schumer today urged the Federal Emergency Management Agency (FEMA) to scrap the decades-old Write-Your-Own (WYO) insurance model from the National Flood Insurance Program (NFIP) and move forward to overhaul the process entirely so that flood insurance policyholders in New York and across the country are benefited in the future. The WYO model has been in place since 1983 and allows participating insurance companies to write and service policies in their own names