With another expiration of funding for the National Flood Insurance Program looming, a continuing resolution to keep the program afloat has passed the Senate by unanimous consent.
Sponsored by Sen. David Vitter (R-La.), the bill, S. 1958, funds the NFIP through May 31, 2012. S. 1958 will now be considered by the House of Representatives as the latest short-term extension of the NFIP expires Dec. 16, 2011.
In July, the lower chamber
Tom Santos, VP for federal affairs at the American Insurance Association (AIA), said the new extension will give legislators ample room to craft a lasting solution.
"The six month extension under S. 1958 should allow Congress enough time to consider and pass a long-term extension with meaningful reforms that aim to strengthen the program,” Santos said in a statement. “Necessary reforms include movement toward risk-based premiums and reduced price subsidies.”
Charles Symington, SVP of government affairs of the Independent Insurance Agents & Brokers of America also urged legislators to produce a lasting funding solution to the NFIP. “It is vital to our economy that there not be any interruption in the NFIP, and we urge the House to quickly pass this extension to provide Congress with more time to consider their long-term extension and reform efforts.”
