ShareThisReauthorization of NFIP May Come Sooner Than Expected
As the beginning of hurricane season approaches, Congress is working to put the necessary reforms in place to reauthorize the NFIP by its Sept. 30 expiration date. Since the financial crisis has been the focus on Capitol Hill, a bill has not been introduced for NFIP, but legislation in the House led by Congresswoman Maxine Waters, D-Calif., is expected before the Memorial Day recess.
It is still unclear if the proposed legislation in the House will include the provision sponsored by Rep. Gene Taylor, D-Miss., that would include wind coverage as part of the NFIP. However, it is unlikely that the Senate will include this wind provision, and there are strong indications that the Obama administration will oppose its inclusion in the final version of the reauthorization bill.
NAMIC remains committed to keeping the wind provision out of the reauthorization bill and will continue to ensure that members of Congress are educated on the private-market capacity to adequately handle wind coverage.
Directed questions to NAMIC Federal Affairs Director Kathy Mitchell.
Posted: Tuesday, May 12, 2009 12:00:00 AM. Modified: Tuesday, May 12, 2009 11:02:38 AM.
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