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House Passes Flood Insurance Bill, Senate Action Pending

On Thursday, November 20 the House passed the "The Flood Insurance Reform Act of 2003" bill (H.R. 253) renewing the National Flood Insurance Program (NFIP)...
November 24, 2003

On Thursday, November 20 the House passed the "The Flood Insurance Reform Act of 2003" bill (H.R. 253) renewing the National Flood Insurance Program (NFIP) for five years and enacting reforms designed to cut down on repetitive loss expenses. The House bill provides for a new pilot program to allow owners of severe repetitive loss properties to be charged closer to actuarial rates when owners refuse assistance, such as a buyout. Despite the House action, H.R. 253 still must be reconciled with the Senate-passed legislation (S. 1768), that only renews the existing program for one year without reforms.

On Friday, November 21, the House took up S. 1768, the Senate one-year reauthorization. Representative Mike Oxley had a substitute amendment that struck the language of S. 1768, replacing it with a three month reauthorization. It is widely believed the Senate will accept the three-month reauthorization. This should allow for the Senate to hold hearings on the House passed reform legislation, H.R. 253.

What It Means to Agents: While PIA does not oppose common sense reforms to the National Flood Insurance Program, our first priority remains a seamless reauthorization of the program before Congress adjourns.

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