House Leaders Pledge To Reinstate Flood Coverage
Legislation to reauthorize the expired National Flood Insurance Program is expected to be introduced in Congress this week.
Meanwhile, the Federal Emergency Management Agency said the program is still "open for business" and will not be affected by the "brief interruption" of the program, which expired on Dec. 31, 2002, because the 107th Congress failed to reauthorize it before its adjournment.
Anthony Lowe, FEMAs federal insurance and mitigation administrator, said that the glitch should not affect policyholders. "Similar interruptions have happened before and were remedied without hindering our operations or affecting peoples coverage, and there is no reason to think this will be different," he said.
The legislation to reauthorize the program is expected to be retroactive to address any lapses. The bill will be introduced by House Financial Services Committee Chairman Mike Oxley, R-Ohio, and Ranking Democrat Barney Frank, D-Mass.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, January 6, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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