The Independent Insurance Agents & Brokers of America (the Big “I”) thanks the House Financial Services Committee for passing a measure to extend the National Flood Insurance Program (NFIP) for five years.
“The Big ‘I’ applauds the committee for voting to extend the NFIP for five years,” says Charles Symington, Big “I“ senior vice president of external, industry & government affairs. “The Big ‘I’ especially wants to thank Chairwoman Maxine Waters (D-California) and Ranking Member Patrick McHenry (R-North Carolina) for recognizing the critical role the NFIP plays in the lives of millions of Americans. They have previously lead efforts in the House to guarantee flood insurance remains available to those who need it. Now they are now playing a critical role in reauthorizing the program on a long-term basis while making needed reforms that will increase take-up rates through the NFIP and the private market.”
Congress must periodically reauthorize the NFIP, which is currently set to expire on Sept. 30. However, Congress has yet to pass a long-term NFIP extension as debate continues regarding options for reforming the program. This has already resulted in a series of stop-gap extensions and a few brief lapses in 2017 and 2018. The committee-passed measure would extend the program for five years and make needed reforms to the program. The Big “I” strongly supports a continuous coverage reform clarifying there is no penalty if consumers leave the NFIP for the private market and then need to return to the NFIP because conditions change.
“Following the bipartisan passage out of the Financial Services Committee, the Big ‘I’ urges the U.S. House of Representatives to pass this legislation,” says Wyatt Stewart, Big “I” senior director, federal government affairs. “This legislation would provide much needed stability to the more than five million NFIP policyholders and countless others who depend on the program. The Big ‘I’ would also like to thank Rep. Kathy Castor (D-Florida) and Rep. Blaine Luetkemeyer (R-Missouri) for their hard work in making sure that their continuous coverage legislation was included in the five-year reauthorization.”