The National Association of Professional Insurance Agents (PIA National) applauded Wednesday’s vote by the U.S. House of Representatives to reauthorize the National Flood Insurance Program (NFIP). Statutory authority for the flood insurance program had expired on Dec. 31, 2002.
The House approved NFIP reauthorization by a voice vote. The Senate was expected to quickly follow suit.
“PIA applauds the quick action by the House to renew authorization for this important insurance program,” PIA senior vice president of Government Affairs Patricia Borowski said. “PIA appreciates the recognition by House Financial Services Committee Chairman Oxley and Ranking Member Barney Frank that renewal of the federal flood insurance program needed to be at the top of the congressional agenda in January.”
Borowski also thanked Federal Insurance and Mitigation Administration head Anthony Lowe and Deputy Administrator Howard Leikin for making specific changes in response to the concerns raised by PIA about the process and procedures used during the interim period between Dec. 31, 2002 and the reauthorization.
PIA worked with a coalition of lender, insurance, banking, housing and realtor interests to secure NFIP reauthorization. Coalition participants included the National Association of Realtors, the American Bankers Association, America’s Community Bankers, the American Insurance Association, Fannie Mae, Freddie Mac, the Mortgage Bankers Association of America, the National Association of Home Builders and the Financial Services Roundtable.
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