NU Online News Service, April 29, 2:57 p.m. EDT
A showdown over the future role of State Farm captive agents in servicing flood-insurance policies is shaping up in Congress.
Under an amendment now being drafted to the legislation reauthorizing the National Flood Insurance Program (NFIP), the government will be required to find new private-sector takers for 800,000 flood-insurance policies administered by NFIP Direct and serviced by State Farm's agents. The amendment, which will be introduced by Rep. David Schweikert (R-Ariz.) and Rep. Emanuel Cleaver (D-Mo.), states that the Federal Emergency Management Agency will seek to place the policies with insurers in the NFIP's Write Your Own (WYO) program within 27 months of enactment of the legislation.
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