The National Association of Professional Insurance Agents (PIA) is urging Congress to reauthorize the National Flood Insurance Program (NFIP).
House Financial Services Committee Chairman Michael Oxley (R-Ohio) was to meet with House Majority Leader Tom DeLay (R-Texas) on Thursday to determine the schedule for H.R. 253, the “Two Floods and You Are Out of the Taxpayers’ Pocket Act of 2003.” Chairman Oxley hopes to have the bill, which includes a provision to reauthorize the NFIP, come up for a vote on the House floor as early as the week of Oct. 13.
“It is imperative that Congress acts before it adjourns to reauthorize the National Flood Insurance Program for the five year period,” said PIA Senior Vice President Patricia Borowski. “A seamless reauthorization of NFIP is of the utmost importance to PIA members whose clients need uninterrupted flood insurance coverage to protect their homes and businesses.” The National Flood Insurance Program provides more than 90 percent of the flood insurance in the United States.
As passed by the House Financial Services Committee, H.R. 253 seeks to reduce losses to properties for which repetitive flood insurance claim payments have been made, in addition to extending the program through Sept. 30, 2008.
“PIA National encourages beneficial reform to the flood insurance program, so long as those reforms don’t delay reauthorization; no one wants a repeat of last year,” said PIA Assistant Vice President of Federal Affairs Peter Bizzozero. “We applaud Chairman Oxley’s leadership on and understanding of the critical nature of this issue.”
In late 2002, Congress adjourned without passing NFIP reauthorization, reportedly leading to concern about the status of properties insured from Jan. 1, 2003 until Congress passed a one-year retroactive reauthorization on Jan. 9, 2003.
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