Posted on 21 Dec 2009
The House and Senate passed a two-month extension to the federal program, to run through Feb. 28, 2010, as part of a larger Department of Defense appropriations bill.
This marks the third short-term extension of the program by Congress in 2009, a fact not lost on the Property Casualty Insurers Association of America (PCI).
The group, composed of more than 1,000 member companies, has spent the last year urging Congress for a long-term extension of the program that protects against flooding for more than 5.5 million homeowners nationwide.
“We will continue to work with Congress to move long-term solutions for the flood program to restore its fiscal soundness,” PCI President David A. Sampson said prior to Congress’ recent action. “We look forward to collaborating with the House and Senate on a long-term reauthorization that will protect families, homes and businesses for many years to come.”
A long-term reauthorization and reform measure regarding the NFIP would require separate legislation in 2010.
U.S. House Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-Calif.) and Committee Chairman Barney Frank (D-Mass.) had introduced legislation to temporarily extend the NFIP until March 31, 2010.
That measure was referred to the Senate Committee on Banking, Housing, and Urban Affairs, but no action has yet to be taken, as the Senate has spent the last several months focused on health care reform.