Filed Under:Agent Broker, Coverage Issues

Congress Stuck on NFIP Band Aids

Flood insurance program extended through May, but long-term reauthorization is still uncertain

The National Flood Insurance Program (NFIP) has breathing space until May 31 through one of President Barack Obama’s last actions of 2011 on Dec. 23.

But it remains unclear whether the latest extension means that Congress will have enough time to craft legislation that will provide the industry’s priority, reauthorization of the program until Sept. 30, 2016.

The House and the Senate returned to work Tuesday, Jan. 17.

But there are several issues standing in the way of prompt action in the Senate on its bill, which passed the Senate Banking Committee in early September:

Two other provisions also are holding up Senate passage of its legislation, a key development that would set the stage for talks with House officials on blending the two bills, then getting them passed again by both Houses and signed by President Obama.

One is a provision in the Senate bill that would require homeowners and businesses to purchase federal flood insurance even though their properties are protected by levees.

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