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In July, President Obama signed the Transportation Bill, which incorporated a reauthorization of the National Flood Insurance Program and the Consumer Option for an Alternative System to Allocate Losses Act of 2012 (COASTAL Act). The COASTAL Act provides that the Federal Emergency Management Agency (FEMA) administrator is to develop a standard formula for allocating wind and water losses involving indeterminate losses. 

Here, the chairman at Nelson Levine de Luca & Hamilton, a law firm representing insurers and reinsurers in regulatory matters as well as in complex litigation, discusses the potential impact of the indeterminate loss provisions included in the National Flood Insurance Program (NFIP) reauthorization legislation.

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