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PIA Calls Coalition Meeting on NFIP Renewal, Senate May Markup This Week

The Senate Banking Committee may mark up legislation providing for a one-year extension of the National Flood Insurance Program (NFIP) as early as this Thursday,...
October 21, 2003

The Senate Banking Committee may mark up legislation providing for a one-year extension of the National Flood Insurance Program (NFIP) as early as this Thursday, October 23. In the House, lawmakers are considering H.R. 253, the "Two Floods and You Are Out of the Taxpayers' Pocket Act of 2003." The bill is a reform effort aimed at limiting government payments for repetitive flood losses. H.R. 253 contains a provision for NFIP reauthorization.

PIA is focusing its efforts on ensuring reauthorization of NFIP. We do not want a repeat of last year's fiasco, when Congress adjourned without reauthorizing the flood insurance program. That caused widespread concern about the status of properties insured from January 1, 2003 until January 9, 2003, when a retroactive reauthorization was finally passed.

While PIA supports common sense reforms to the NFIP, our first priority is that reauthorization does not get bogged down. PIA initially called for a five-year reauthorization as provided in H.R. 253, but we believe a one-year reauthorization is acceptable. What is not acceptable is letting NFIP authority expire for the second year in a row.

PIA National convened a meeting of industry groups to coordinate efforts to secure congressional reauthorization of the NFIP. A joint letter from the coalition was sent to key Senators urging that the Senate pass a stand-alone reauthorization of NFIP.

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