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.
"We're extremely pleased that Congress has passed and President Bush has signed legislation authorizing the National Flood Insurance Program to borrow up to $18.5 billion, which will allow insurance companies to continue paying claims from the 2005 hurricane season," Mr. Maurstad said.
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