House Votes Flood Cover Restoration
By Daniel Hays
NU Online News Service, Jan 8, 7:48 p.m. EST?The House today approved by voice vote a bi-partisan measure that would retroactively reauthorize the National Flood Insurance Program.
The measure, which was sent to the Senate for final approval, reinstitutes a program that expired Dec. 31, 2002. Members of Congress said passage was a priority to assure policyholders do not experience any lapse in coverage.
House Financial Services Committee Chairman Mike Oxley, R-Ohio, introduced the bill with Ranking Democrat, Rep. Barney Frank of Massachusetts, and 30 other Committee members as sponsors.
Action on the bill had been urgently sought by insurance groups including the National Association of Professional Insurance Agents in Washington and the Alexandria, Va. Based Independent Insurance Agents and Brokers of America.
After the House action, Patricia A. Borowski issued a statement applauding the Committee leadership for moving the bill quickly.
She also thanked Anthony S. Lowe, the head of the Federal Insurance and Mitigation Administration, which administers the program, and his deputy administrator, Howard Leikin for making specific changes in response to PIA concerns about process and procedures used during the interim period between Dec. 31, 2002 and the reauthorization.
PIA said that the effort on behalf of the bill, in addition to lobbying by the insurance sector, had included representatives from lender, insurance, banking, housing and realtor business sectors.
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