House passes bill to extend NFIP through Nov. 21st.
WASHINGTON, D.C., September 19, 2019— The Independent Insurance Agents & Brokers of America (the Big “I") thanks the U.S. House of Representatives for passing a measure to extend the National Flood Insurance Program (NFIP) through November 21st as part of government funding legislation.
“The Big 'I' applauds the House of Representatives for voting to extend the NFIP through November 21st, " 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 led efforts in the House to guarantee flood insurance remains available to those who need it while Congress continues to debate options for reforming the NFIP. Furthermore, we urge the House of Representatives to take up the 5-year flood reauthorization bill that the Financial Services Committee passed unanimously earlier this year."
Congress must periodically reauthorize the NFIP, which is currently set to expire on September 30th. However, Congress has yet to pass a long-term extension of the NFIP, 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 current House-passed measure would extend the program on a short-term basis, but the Senate must also act for the program to continue operation after September 30th.
“Following the House vote, the Big 'I' urges prompt action in the Senate to extend the NFIP before September 30th," says Wyatt Stewart, Big “I" senior director, federal government affairs. “A lapse in the NFIP could impact the ability of the program to promptly pay claims if there is a major flooding event, delay recovery efforts related to catastrophic storms and disrupt real estate markets across the country."
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.