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Congress Reauthorizes Flood Insurance Program Until May 31

Congress finally approved legislation on Thursday April 15 that reinstates the National Flood Insurance Program (NFIP), extending the program's authorization until May 31, 2010 --...
April 20, 2010

Congress finally approved legislation on Thursday April 15 that reinstates the National Flood Insurance Program (NFIP), extending the program's authorization until May 31, 2010 -- the day before the new hurricane season officially starts.

The provision extending the NFIP until May 31 was contained in H.R. 4851, "The Continuing Extension Act of 2010." President Obama signed the bill less than an hour after it was passed in the House. The House passed the bill 289-112, after the Senate passed it 59-38.

Since March 28, the NFIP has been in a state of hiatus, with new policies unable to be written. The just-passed provision reauthorizing NFIP is retroactive from February 28, when the fourth temporary extension since the program's authorization originally ran out on September 30, 2008.

The House Financial Services Committee plans to unveil legislation today providing long-term reauthorization and reforming of the program, with a hearing set for next week.

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