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PIA Urges Congress to Enact 5-Year NFIP Authorization

PIA National is applauding draft legislation which provides for a five-year authorization of the National Flood Insurance Program (NFIP). The NFIP reform bill with the...
April 20, 2010

PIA National is applauding draft legislation which provides for a five-year authorization of the National Flood Insurance Program (NFIP). The NFIP reform bill with the five-year provision was unveiled on April 16, 2010.

"Over the past several years, Congress has been granting shorter and shorter reauthorizations for the vital program," said PIA National President-elect Brian Marino, co-chair of the association's natural catastrophe working group. "These recurring short reauthorizations and frequent lapses play havoc with real estate markets and put insurance agents and their clients who need flood insurance at a distinct disadvantage."

"We are encouraged that there is finally a bill filed that begins to address program reforms and provides for a longer reauthorization," Marino said.

A hearing on the NFIP will take place Wednesday, April 21 in the Housing and Community Opportunity Subcommittee of the House Financial Services Committee. There are now three bills pending in Congress that address the NFIP. One, a so-called tax extenders bill (H.R. 4213), would renew the flood program only through December 31, 2010. Another is the reform bill with a five-year authorization. A third bill by Rep. Gene Taylor (D-Miss.) would add wind perils to NFIP flood insurance policies.

PIA prefers the five-year extension, opposes the addition of wind coverage to the NFIP and also favors forgiveness of the program's debt.

PIA Urges Congress to Enact 5-Year NFIP Authorization (Miami Herald 4/20/10)

Group Urges Congress to Stop 'Havoc' of Short-term NFIP Extensions (Insurance & Financial Advisor 4/20/10)

PIA Urges Congress to Enact Five-Year Authorization for National Flood Insurance Program (PIA 4/19/10)

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