Bill To Restore Flood Cover Introduced
By Steven Brostoff, Washington Editor
NU Online News Service, Jan. 8, 10:01 a.m. EST?House Financial Services Committee Chairman Mike Oxley has introduced bipartisan legislation that would retroactively reauthorize the National Flood Insurance Program.
The National Flood Insurance Program expired on Dec. 31, 2002, but members of Congress have cited retroactive reauthorization as a top priority to assure that policyholders do not experience any lapse in coverage.
Rep. Oxley, R-Ohio, who was joined in sponsoring the bill by the Committee's Ranking Democrat, Rep. Barney Frank of Massachusetts, and 30 other Committee members, said the bill ensures seamless coverage for policyholders and minimal disruptions for homebuyers.
Maria Berthoud, senior vice president of government affairs for the Alexandria, Va.-based Independent Insurance Agents and Brokers of America, said that reauthorization of the flood insurance program is IIABA's top priority in the early days of the new 108th Congress.
She said she hopes the bill will be approved by the full Congress by the week of Jan. 13.
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