SENATE PASSES BILL TO REAUTHORIZE FLOOD PROGRAM:

The Senate this week passed by unanimous consent agreement S. 1768, the “National Flood Insurance Program Reauthorization Act of 2004.” The bill, introduced by Senator Jim Bunning (R-Ky.) and Senator Richard Shelby (R-Ala.), provides a one-year reauthorization of the program through Dec. 31, 2004. “The National Association of Independent Insurers (NAII) supports reauthorization of the National Flood Insurance Program (NFIP) and praises Sens. Bunning and Shelby for recognizing the importance of renewing this program, and for making every effort to see that legislation moves forward. 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,” Carl Parks, senior vice president, government relations, said. The House bill provides for a multi-year extension of the NFIP until 2008. The Senate Banking Committee is reportedly interested in examining the program and perhaps making some reforms. The single year renewal would reportedly assure the program does not lapse as it did last year, and provides the Committee with time to hold hearings and examine the issue during the next session of Congress.