The Senate has passed a short-term extension of the National Flood Insurance Program (NFIP). It passed 82-12 with the 12 being Republicans who want the program reformed and not extended.
There — however — wasn’t any time to reform considering the program expires tonight at midnight. The extension goes until November 30th of this year and gets the country through the hurricane season.
The extension now goes to President Trump for his signature. He’s expected to sign.
PIA National Vice President of Government Relations Jon Gentile commented on the passage of the bill. “Millions of Americans woke up this morning not knowing whether congressional inaction would leave the flood insurance program they rely on hobbled in the height of hurricane season. The passage of a clean extension by the House and Senate is positive. That said, waiting until the last minute to act should be a thing of the past. Congress now has four months to work to find a way to provide a long-term reauthorization of the program. That work should begin today.”
PIA has been actively working with Congress for more than a year to encourage the long-term reauthorization of the National Flood Insurance Program (NFIP) and the reforms that are also needed.
“The tendency for Congress has been to postpone action on flood insurance. Unfortunately, this leads to multiple short-term extensions and short lapses in the program. A long-term reauthorization of the NFIP with bipartisan reforms is more than possible. PIA will continue to work with congressional offices to find common ground on reforms in a reauthorization of the program that recognizes the key role independent agents play in delivering it to homeowners and business owners,” Gentile said.
Jimi Grande of the National Association of Mutual Insurance Companies (NAMIC) agrees and said, “Congress has avoided disaster by passing this extension of the National Flood Insurance Program, but simply kicking the can down the road is not a solution. The problems with the NFIP are well known, and a four-month extension amid the politics of the midterm elections does not inspire much hope for meaningful reform that would provide needed stability for the NFIP and the millions of policyholders who rely on the program.”
Weekly Industry News will have a more in-depth story on the extension in next week’s issue.
Source links: PIA National, The Hill, Insurance Journal