60-day NFIP Extension Heads to Presidents Desk
PCI lauds short-term reauthorization passed by the Senate and House; Senate has yet to schedule floor time for long-term reforms.
Insurance Networking News, May 31, 2012
With one day left until National Flood Insurance Program expires, the U.S. House of Representatives passed a 60-day extension last night, acting quickly on the Senate’s approval of the measure last Friday.
The Property Casualty Insurers Association (PCI) released a statement this morning expressing support for the extension.
"We are pleased that the House voted to concur with the Senate's 60-day NFIP extension," said Ben McKay, SVP of federal government relations for PCI. "However, this only delays the fundamental debate over the future of the flood insurance program. We remain hopeful that the Senate will schedule floor time for their long-term NFIP reauthorization and reform bill in June."
The long-term extension appears to have been temporarily put on the back burner—the House has approved reforms and reauthorization through 2016, while the Senate has yet to schedule floor time for the legislation.
This is nothing new.
This marks the sixteenth time the program has received a short-term extension since expiring in 2008, and in 2010 alone, the program expired four times.
The 60-day extension now heads to the desk of President Obama. Once he signs the act, the Senate will have until the end of July to approve reforms.
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