The Property Casualty Insurers Association of America (PCI) said it is urging Congress to adopt a widespread series of reforms for the ailing National Flood Insurance Program before this year's hurricane season starts.
Lawmakers recently authorized more than $25 billion in borrowing authority for the NFIP to satisfy contractual obligations and relieve the financial strain on the agency in the aftermath of Hurricanes Katrina, Rita and Wilma.
PCI said wrangling over the agency's borrowing authority threatened to delay claims payments to many Gulf Coast consumers and hampered the reconstruction effort.
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