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Financial Services Associations Call For NFIP Reauthorization

A number of financial services associations, including several representing the insurance industry, have issued a joint letter to congressional leaders urging a long-term reauthorization of the Nation

By Staff Writer | Updated on September 17, 2008

A number of financial services associations, including several representing the insurance industry, have issued a joint letter to congressional leaders urging a long-term reauthorization of the National Flood Insurance Program (NFIP) before its expiration Sept. 30.

The letter, written to Senate Majority Leader Harry Reid, D-Nev.; Senate Minority Leader Mitch McConnell, R-Ky.; House Speaker Nancy Pelosi, D-Calif.; and House Minority Leader John Boehner, R-Ohio, states: “Failure to reauthorize and reform the NFIP by the expiration date would collapse local real estate markets, potentially cost the government billions of dollars in uncompensated relief efforts, and put consumers at risk.”

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