Bill To Restore Flood Cover Introduced

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By Steven Brostoff, Washington Editor

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NU Online News Service, Jan. 8, 10:01 a.m.EST?House Financial Services Committee Chairman Mike Oxleyhas introduced bipartisan legislation that would retroactivelyreauthorize the National Flood Insurance Program.

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The National Flood Insurance Program expired on Dec. 31, 2002,but members of Congress have cited retroactive reauthorization as atop priority to assure that policyholders do not experience anylapse in coverage.

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Rep. Oxley, R-Ohio, who was joined in sponsoring the bill by theCommittee's Ranking Democrat, Rep. Barney Frank of Massachusetts,and 30 other Committee members, said the bill ensures seamlesscoverage for policyholders and minimal disruptions forhomebuyers.

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Maria Berthoud, senior vice president of government affairs forthe Alexandria, Va.-based Independent Insurance Agents and Brokersof America, said that reauthorization of the flood insuranceprogram is IIABA's top priority in the early days of the new108th Congress.

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She said she hopes the bill will be approved by the fullCongress by the week of Jan. 13.

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