With another stroke of the pen, President Obama signed a continuing resolution that keeps the troubled National Flood Insurance Program (NFIP) alive until May 31, 2012. The program had been scheduled to expire at midnight on December 23.
The Independent Insurance Agents & Brokers of America (IIABA/Big “I”), which represents a network of more than 300,000 insurance agents, brokers and their employees nationally, commended President Barack Obama for signing H.R. 2055, the “Consolidated Appropriations Act,” (known as the mini-bus) which extends the National Flood Insurance Program (NFIP) until May 31, 2012, into law.
“The Big ‘I’ is grateful to Congress and President Obama for making sure this latest extension became law,” says Charles Symington Jr., Big “I” SVP for government affairs. “It is important to note that our work on this important issue is far from over and the next few months provide ample opportunity for Congress to pass long-term extension and reform legislation that provides the necessary certainty for consumers.”
IIABA maintains that the program has worked for more than 40 years to help protect consumers from flood risks, and its history includes Congress traditionally extending the program for five-year periods. For the last few years, however, Congress had only extended the program for short periods, mostly from 30 days to six months.
“Today’s extension, although greatly appreciated, is just a temporary patch,” says John Prible, Big “I” VP for federal government affairs. “The Big ‘I’ looks forward to working with Congress and the Obama administration over the next few months to also pass a long-term extension with the reforms needed to put the NFIP on solid financial footing for the future.”
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