The most pressing insurance issue facing the new Congress is likely to be reauthorization of the National Flood Insurance Program, due to expire March 6.
The Independent Insurance Agents and Brokers of America will "advocate for both extending and reforming the program," said Charles Symington, senior vice president of government affairs. "While we would prefer a long-term extension and substantial reform, Job Number-One is ensuring that the program does not expire, leaving thousands of policyholders without flood coverage."
The American Insurance Association said the issue is complicated and requires a more comprehensive solution. Incoming President Leigh Ann Pusey said AIA will advance a proactive coastal legislative and regulatory agenda to enhance the private sector's ability to manage flood risk.
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