Toward the end of last year, President Bush signed legislation allowing the National Flood Insurance Program to borrow up to $18.5 billion to settle flood insurance claims resulting from the 2005 hurricane season.
“FEMA and the NFIP have a legal, ethical, and moral obligation to ensure that every one of our policyholders with a covered damage claim is paid as quickly as possible,” said David I. Maurstad, acting national flood insurance administrator and acting director of FEMA's Mitigation Division. “This additional authorization will allow us and our partners to continue living up to our part of the contracts we hold with our customers. In the coming weeks, FEMA will continue to work with lawmakers on securing additional borrowing authority, if needed, and will work with Congress as discussions continue to strengthen the flood insurance program.”
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