Authorization for the National Flood Insurance Program has been extended until May 31st, 2012.
President Obama has signed the reauthorization of the National Flood Insurance Program (NFIP) until May 31st, 2012.
What does this mean?
Signing of the Consolidated Appropriations Bill (H.R. 2055), which contains the reauthorization of the National Flood Insurance Program (NFIP), means that the statutory authority to issue flood insurance policies pursuant to the NFIP will be extended until May 31st, 2012. If the bill had not been signed, the National Flood Insurance Program would not be able to issue new or renew flood policies during the lapse in authorization.
The Independent Insurance Agents & Brokers of America (The Big “I”) commended President Obama for reauthorizing the National Flood Insurance Program (NFIP), which has protected consumers from flood risks for over 40 years. In his statement, Big “I” Senior Vice President for Government Affairs Charles E. Symington said “The Big “I” is grateful to Congress and President Obama for making sure this latest extension became law.” Symington also added that there is much work to be done to pass a more long-term extension and reform legislation which would provide more stability and certainty for consumers.
As we’ve said before, we are hopeful that between now and May 31st, 2012 Congress will utilize this time to consider the long term extension and reform efforts of the National Flood Insurance Program through the Flood Insurance Reform and Modernization Act.
Thank you for your continued support and business,
Mackoul & Associates, Inc.