Filed Under:Markets, Commercial Lines

NFIP Borrowing Authority Increase Competes with Fiscal-Cliff Debate for Senate Action

Members of Congress are being told that the National Flood Insurance Program has enough funds to pay claims resulting from Sandy until middle or late January, but only until then, according to an industry official close to the situation.

The comments about the NFIP were made as the Senate starts work tonight on a proposed aid package for victims of Superstorm Sandy that includes a 50 percent increase in the NFIP’s borrowing authority.

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