For seemingly the umpteenth time in recent years, a last-minute legislative move has saved the National Flood Insurance Program from expiring.
This morning President Obama signed the "Continuing Resolution Act, 2012," which ends the larger threat of a government shutdown and grants another reprieve to the NFIP which has existed on a series of temporary extensions for the past few years as legislators crafted a lasting fix to the program.
While the House passed the Flood Insurance Reform Act of 2011, the bill, which would substantially reform the program and fund in until 2016, has stalled in the Senate.
John Prible, VP of federal government affairs for the Independent Insurance Agents & Brokers of America says the temporary extension, which funds the program until Nov. 18, should afford Congress enough time to work on the long-term reform legislation.
“We now urge Senate leadership to quickly bring the reform bill to the full Senate floor for consideration to allow the House and Senate enough time to reconcile their two bills,” Prible said in a statement. “We are now closer to achieving a long-term reform and extension bill than at any point in recent memory and we urge Congressional leadership to finally push this over the finish line.”
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access
Corrected October 5, 2011 at 11:13AM: yes