WASHINGTON–Property-casualty insurance trade groups are breathing a sigh of relief due to Congresses' extension of the National Flood Insurance Program until Sept. 30–the end of the current government fiscal year.
Approval came with passage of an omnibus spending bill that includes a provision continuing the program. President Obama signed the measure into law yesterday.
The decision means that Congress will have given itself an entire year to reauthorize a program that expired last Sept. 30 while it continues to try and resolve substantive differences between legislation as passed by the House and Senate which extends and reforms the program.
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