NU Online News Service, July 12, 3:45 p.m. EDT
The Federal Emergency Management Agency says in a letter that taking over management of more than 800,000 flood insurance policies currently administered by State Farm will save the agency more than $50 million annually, compared to the cost of the current Write-Your-Own program.
The letter, dated June 27, responds to a request for clarification of FEMA's position on a "depopulation amendment" that passed the House by voice vote as part of the debate over H.R. 1309, the Flood Insurance Reform Act of 2011. The request was made by Rep. Randy Neugebauer, R-Tex., chairman of the Oversight and Investigations Subcommittee of the House Financial Services Committee.
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