Claims News Service, Nov. 15, 2:45 p.m. EST — The IndependentInsurance Agents & Brokers of America (the Big “I”) is askingCongress to extend the borrowing authority of the National FloodInsurance Program (NFIP) as quickly as possible.
The Federal Emergency Management Agency (FEMA) distributed amemo to Write-Your-Own companies recently informing them that linesof credit were suspended until further Congressional actionregarding an extension of borrowing authority. With claims expectedto exceed $23 billion, extended borrowing authority is necessary inorder to meet consumer needs.
The initial borrowing limit of $1.5 billion from the U.S.Treasury was extended by Congress in the immediate wake ofHurricanes Katrina and Rita, but even this extension is deemedinadequate to meet the anticipated claims.
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