Filed Under:Agent Broker, Agency Management

NFIP May Need Additional Borrowing Authority Post-Sandy

The National Flood Insurance Program will likely need to go to Congress for additional borrowing authority to pay claims from Superstorm Sandy, insurance industry officials say.

Eli Lehrer, president of the R Street Institute in Washington, says calculations by his group and others indicate that the Federal Emergency Management Agency, which runs the NFIP, has only $1 billion on hand to pay claims.

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