An insurance industry group is hoping that a hold placed on a bill in the Senate to reform the National Flood Insurance Program will not derail the legislation.

Sens. Mary Landrieu, D-La., and David Vitter, R-La., placed holds on the legislation, which would have phased out subsidies for secondary residences, increased participation in the flood program and forgiven the roughly $20 billion debt owed by the NFIP to the Treasury. Among the major criticisms being leveled is that the bill would lead to higher premiums for residents along the Gulf of Mexico and that there is no provision in the House version of the bill that would expand the NFIP to offer windstorm coverage to homeowners who have purchased flood insurance.

"It is vital that the National Flood Insurance Program, which protects millions of Americans against flood damages, be renewed and improved," said Paul Kangas, director, federal government relations for the Property Casualty Insurers Association of America. "We believe that the bill which passed the Senate Banking Committee on Oct. 17 is a good bill that will enhance the NFIP and help keep it solvent while also protecting property owners across the United States."