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Bush Signs Bill For Flood Program Cash

Washington--Insurance companies and agents can resume processing and paying flood damage claims that had been held up pending a renewal of financing for the ...

By Arthur D. Postal | Updated on March 18, 2005

Washington–Insurance companies and agents can resume processing and paying flood damage claims that had been held up pending a renewal of financing for the federal program, the acting head of the National Flood Insurance Program said late last night.

David I. Maurstad, acting National Flood Insurance Administrator and acting director of the Federal Emergency Management Agency’s Mitigation Division, issued the statement after President Bush signed legislation passed by Congress Friday that raised the NFIP’s borrowing authority to $18.5 billion from $3.5 billion.

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