As Congress continues to debate its fate, the National Flood Insurance Program (NFIP) will remain operating until Sept. 30, 2009. A temporary extension of the NFIP, which was set to expire at midnight tonight, was contained in an omnibus spending bill signed into law by President Obama today.
The extension is drawing praise, as legislators continue to wrestle over the fate of the troubled program. Last year a report from the U.S. Government Accountability Office (GAO) said NFIP owes the U.S. Treasury $17 billion and is ill equipped to meet losses in the event of a future catastrophe. “While this extension is just a temporary fix, it is a significant and welcome development for insurance consumers,” says Robert Rusbuldt, president and CEO of the Independent Insurance Agents & Brokers of America. “If the NFIP had been allowed to expire, millions of homeowners and small businesses would have been left unprotected from the damage of flooding. The Big ‘I’ commends President Obama for making the NFIP a priority and looks forward to working with his administration and Congress for a more permanent solution.”
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