Both the Independent Insurance Agents & Brokers of America (The Big “I”) and the National Association of Professional Insurance Agents (PIA) commended the House of Representatives’ passage of the Flood Insurance Reform Act (S. 2238).
The bill will renew the National Flood Insurance Program (NFIP) for five years through September 2009 and reform it through several provisions, including implementation of a pilot mitigation program targeting repetitive flood-loss properties. The Senate passed the measure last Wednesday. With the House vote, the legislation now goes to President Bush for enactment.
“Today marks a significant milestone in the more than year-long drive to reform and renew the National Flood Insurance Program,” said Senior Vice President of Federal Government Affairs Charles E. Symington Jr. “The Big ‘I’ and its members are extremely pleased that Congress has acted to renew this vital public program.” We are grateful to all the congressional leaders who worked together to push this legislation through and put it on the president’s desk before the flood program’s expiration date of June 30.”
The PIA also expressed appreciation to Congress following yesterday’s final vote to reauthorize the National Flood Insurance Program (NFIP).
“PIA would like to express its heartfelt thanks to all of the parties that helped secure reauthorization of the National Flood Insurance Program by being proactive and positive,” said PIA National Assistant Vice President of Federal Affairs Peter Bizzozero. “Insurance industry representatives, private sector lenders, real estate groups, insurance carriers and agents and builders all came together to bring about this positive legislative result.”
The Big ‘I’ commended Congress for renewing the flood insurance program stating it “will save taxpayers millions of dollars” and “will better serve the needs of homeowners in flood zones, taxpayers who foot the bill, the federal government who administers the program, as well as insurance agents and companies who distribute the policies to the public.”
The Property Casualty Insurers Association of America also added its kudos. “This is a positive development for both the insurance industry and for consumers,” stated Carl Parks, PCI senior VP-government relations. “Hurricane season officially began on June 1, and the summer is notorious for destructive flooding. Had Congress not voted to reauthorize the NFIP, flood insurance would have quickly become either unavailable or unaffordable for the vast majority of consumers, leaving flood victims no way to recover from the crippling financial losses that result from flooding.”
The NFIP backs approximately 95 percent of the flood insurance sold in the United States.
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