A conflict within the insurance industry over how to deal with the sensitive flood-exclusion issue is holding up House action on legislation that would reauthorize the National Flood Insurance Program.
The issue is critical because a compromise that would split liability 50-50 between insurers and the NFIP has strong support in the Senate, though it has limited support within the industry, which has strong influence among dominant House Republicans.
The current thinking, according to industry officials who asked not to be named, is that draft legislation unveiled two weeks ago by Rep. Judy Biggert, R-Ill., chairperson of the Subcommittee on Insurance, Housing and Community Opportunity of the House Financial Services Committee, will be the committee print.
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