Washington– The Senate voted today to again extend borrowing authority for the nearly bankrupt National Flood Insurance Program up to $21.2 billion to cover the costs of claims relating to Hurricane Katrina.
The bill, S. 2275, was approved by a voice vote, and comes four months after the federal government increased the NFIP's borrowing authority to $18.5 million in November.
The Federal Emergency Management Agency, which administers the program, has said that the total amount of claims from Hurricane Katrina is expected to be approximately $23.5 billion, making it likely that FEMA will have to seek another extension in the coming months.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
