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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

NFIP

Senate passes legislation for federal flood program

Posted by RJ and Makay on Sep 09, 2011

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The Senate Committee on Banking and Urban Affairs yesterday passed its version of a bill to reauthorize and reform the financing of the National Flood Insurance Program (NFIP). Largely as a result of Hurricane Katrina, the program is $18 billion in debt. The new bill, the Flood Insurance Reform and Modernization Act, is designed to keep the program viable through 2016.

Flood insurance is extended for one year

Posted by RJ and Makay on Sep 23, 2010

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The House Flood waters of Representatives joined the Senate yesterday in approving a one-year reauthorization of the nation's flood insurance program, according to an article published on InsuranceJournal.com. If Congress had not acted, the program would have expired on Sept. 30.

The measure, S. 3814, will extend the National Flood Insurance Program (NFIP) until Sept. 30, 2011. The measure now goes to President Obama for his signature.

The vote leaves for the future any reforms of the program, which is $18 billion in debt.