The Financial Services Committee is expected to consider an amended version of H.R. 253 on Wednesday, a bill to reauthorize and reform the National Flood Insurance Program (NFIP).
“The National Association of Independent Insurers (NAII) supports
reauthorization of the NFIP and praises Chairman Michael G. Oxley (R-Ohio), Rep. Bob Ney (R-Ohio), Rep. Doug Bereuter (R-Neb.), and Rep. Richard H. Baker (R-La.) for recognizing this important program, and for making every effort to see that legislation is passed this year. Reauthorization of the NFIP will maintain stability for millions of homeowners, prospective homebuyers and business owners across the country who must purchase flood insurance coverage,” said Carl Parks, senior vice president, government relations.
The proposal to be considered provides for a multi-year extension of the NFIP until 2008, reforms the way the program deals with repetitive loss properties and provides for additional program funding. During the committee mark-up, Rep. Baker is expected to offer his own version of reauthorization legislation addressing repetitive loss property mitigation in a different manner.
“It is important to NAII member companies that the multi-year extension provides the stability required to sustain a successful flood insurance program,” added Parks.
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