The failure of Congress to approve long-term renewal of a revamped National Flood Insurance Program could jeopardize the participation of private carriers, an official with the Federal Emergency Management Agency warned state insurance commissioners.
Addressing regulators in Seattle at the National Association of Insurance Commissioners' summer meeting, Edward Connor, acting Federal Insurance and Mitigation Administrator, said with the Sept. 30 deadline for the latest expiration of NFIP looming, he worries about what effect that will have on private company participation.
"That is when 90 companies say if they want to participate in the plan," he said during an NAIC Catastrophe Insurance Working Group session. "It is a significant concern to us."
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