While the sometimes glacial pace of the legislative process often flummoxes insurance industry observers, two items of great import to the industry are advancing in the upper chamber.

Yesterday, the Flood Insurance Reform and Modernization Act of 2011 passed the Senate Banking Committee and now moves to the full chamber for a vote. The bill would extend the National Flood Insurance Program by five years and would overhaul the cash strapped program’s finances by phasing out subsidies, expanding mandatory coverage areas and introducing actuarially sound rates.

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