News and Publications
Seminars and Services
Government Affairs
About NAMIC
|
|
Read
NAMIC Says NFIP Lapse is ‘Disconcerting’
WASHINGTON (March 1, 2010)- For the second consecutive time, Congress has failed to extend the National Flood Insurance Program before its expiration date and has allowed it to lapse.
“Failing to act in time – again – and allowing the National Flood Insurance Program to expire is disconcerting,” said Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies (NAMIC). “If nothing else, this episode should make it clear that short-term extensions, which can be blocked by any Senator or congressional caucus, are untenable.”
Along with short term extensions for numerous other federal programs, the NFIP extension was derailed when a Senator objected to a motion to pass the bill on the Senate floor. The extension package was brought to the floor just days before the NFIP and other programs were set to expire, leaving no time for an alternate plan to keep the NFIP up and running.
“Members of Congress have exposed millions of Americans to costly liabilities by allowing the program to lapse again,” said Grande. “Providing protection from flood losses should be more of a priority for the government. After one of the stormiest winters on record, and with hurricane season fast approaching, it is unfortunate that Congress would fail to act on this issue and put millions of Americans’ financial security at risk.”
Congress has extended the NFIP on a short term basis several times over the past few years. The most recent extension, passed in late December, was approved after the NFIP had been allowed to lapse for roughly nine hours.
For further information, contact
Matt Brady
Director of Media Relations
(202) 580-6742 Tel
mbrady@namic.org
Latest Federal News
Congress Passes Landmark Regulatory Reform Legislation (7/20/2010)
NAMIC CEO Comments on Dodd-Frank Financial Reform Legislation Approval by Senate (7/15/2010)
Wall Street Reform Legislation to Include Surplus Lines (7/6/2010)
Receive State-specific Updates
Receive e-mail updates from NAMIC Online regarding the states of most interest to you. You will only receive an e-mail when new stories are posted, and only for those states you select. No new news...no e-mail.
= access available only to registered users from NAMIC-member companies