You are here:HomeIssuesFlood Insurance2010Rep. Frank Introduces Bill to Extend NFIP Through September 30, 2010

Rep. Frank Introduces Bill to Extend NFIP Through September 30, 2010

House Financial Services Committee Chairman Barney Frank (D-Mass.) has introduced legislation to extend the federal flood insurance program to Sept. 30, 2010. The program is...
May 12, 2010

House Financial Services Committee Chairman Barney Frank (D-Mass.) has introduced legislation to extend the federal flood insurance program to Sept. 30, 2010. The program is currently slated to end May 31. Frank's bill would give Congress more time to focus on broader reforms and a five-year extension for the debt-plagued National Flood Insurance Program, which his committee has already approved. Over the past year, Congress has allowed the flood program to lapse twice.

What It Means to Agents: While it is good to know that Chairman Frank recognizes the importance of avoiding another lapse in the NFIP, it is disappointing that there is apparently not sufficient support in the House and Senate to pass the Flood Insurance Reform Priorities Act of 2010 (H.R. 5114). That bill was already approved by the House Financial Services Committee. It would reauthorize the program for five years, increase NFIP coverage limits, phase in actuarial property rates and phase out premium subsidies for second and vacation homes, and make business interruption and additional living expense coverages available at actuarial cost.

PIA Applauds House Committee for Passing 5-Year NFIP Reauthorization (PIA 04/28/10)

Filed under: