House to Consider Long-Term Flood Program Extension
National Underwriter (Property & Casualty - Risk & Benefits Management Edition) (07/12/10) Postal, Arthur D.

The U.S. House may address the Flood Insurance Reform and Priorities Act of 2010 (H.R. 5114), which would reauthorize the National Flood Insurance Program (NFIP) for five years. Rep. Maxine Waters (D-Calif.), who sponsored the legislation, hopes to limit additional federal exposure to natural disasters, financially stabilize the program, and offer premium discounts for five years for policyholders in newly designated flood hazard zones. Additionally, the legislation phases in rates for properties not previously in flood plans. However, the legislation does not include provisions to expand the program to include windstorm coverage or forgive the program's more than $18 billion in debt. Debate on the bill could be delayed if the Congressional Budget Office is unable to provide a budget projection for the costs associated with the proposed amendments. The current temporary reauthorization of the NFIP ends Sept. 30.
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