WASHINGTON—The National Flood Insurance Program (NFIP)is a long, dark tunnel with no light in sight, a new GovernmentAccountability Office report indicates, meaning that it is likelyto be a political headache for the property casualty insuranceindustry for some time to come.

That's because the report makes clear that the NFIP will remaina football tossed between members of Congress who see subsidizingthe program a necessity, and conservatives who say it should beself-supporting.

Moreover, the report supports the arguments of conservativesthat the 2014 law rolling back the mandate in the 2012 law thatrequires the phase-in of actuarial rates over five years, willexacerbate the NFIP's solvency issues.

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