Flood Insurance Renewal Passes Senate
By Steven Brostoff, Washington Editor
NU Online News Service, June 16, 4:12 p.m. EDT, Washington?Insurance agents are praising yesterday's Senate vote approving legislation to extend the National Flood Insurance Program through September of 2009.[@@]
"We are very pleased that the Senate has taken this much-needed action to renew this program," said Charles E. Symington Jr., senior vice president of federal government affairs for the Alexandria, Va.-based Independent Insurance Agents and Brokers of America.
He added that IIABA urges the House to take action on the legislation quickly, since the program is scheduled to expire at the end of this month. The measure passed in the Senate by unanimous consent.
In addition to renewing the program, the legislation, S. 2238, establishes a pilot program that allows the Federal Emergency Management Agency, which administers the flood insurance program, to target repetitive loss properties for mitigation.
Mr. Symington said this provision will help prevent abuse of the system.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.