Filed Under:Agent Broker, Agency Management

Obama Administration Asks for a Near $10B Increase in NFIP Borrowing Authority

President Barack Obama speaks at the Daimler Detroit Diesel plant in Redford, Mich. on Dec. 10, 2012. (AP Photo/Charles Dharapak)
President Barack Obama speaks at the Daimler Detroit Diesel plant in Redford, Mich. on Dec. 10, 2012. (AP Photo/Charles Dharapak)

The borrowing authority for the National Flood Insurance Program would be increased 50 percent, to $30.4 billion, as part of a Superstorm Sandy supplemental budget request submitted to Congress by the Obama administration late Friday.

Michael Chaney, Mississippi insurance commissioner and head of the flood insurance working group for the National Association of Insurance Commissioners, says the request for increased funding is appropriate.

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