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PIA National Urges Congress to Pass NFIP Reauthorization

PIA is urging Congress to pass a seamless reauthorization of the National Flood Insurance Program (NFIP) before it adjourns for the year. House floor debate...
October 13, 2003

PIA is urging Congress to pass a seamless reauthorization of the National Flood Insurance Program (NFIP) before it adjourns for the year. House floor debate on H.R. 253, the "Two Floods and You Are Out of the Taxpayers' Pocket Act of 2003," could come as early as later this week. As passed by the House Financial Services Committee, H.R. 253 seeks to reduce losses to properties for which repetitive flood insurance claim payments have been made, in addition to extending the program through September 30, 2008. The National Flood Insurance Program provides more than 90% of the flood insurance in the United States.
 
In late 2002, Congress adjourned without passing NFIP reauthorization, leading to concern about the status of properties insured from January 1, 2003 on. PIA and an industry coalition led efforts to secure the one-year retroactive reauthorization Congress passed on January 9, 2003.
 
What It Means to Agents:  PIA supports beneficial reform to the NFIP, so long as those reforms don't again delay NFIP reauthorization. We will meet with industry representatives on Wednesday October 15 to coordinate reform proposals and activities. In the meantime, we are working to ensure that priority is given to NFIP reauthorization and that there is no repeat of what happened last year.
 
Insurance Journal: PIA National Asking House to Pass Five Year Reauthorization of National Flood Program

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