The latest extension means that, since 2002, there have been 15 last-minute reauthorizations of the NFIP, and on four occasions the program was allowed to lapse for extended periods of time.

In response to the latest action, Charles E. Symington Jr., senior vice president for government affairs for the Independent Insurance Agents and Brokers of America, says, "[This] year the IIABA will continue to make the case for a long-term extension of the NFIP that includes necessary reforms."

Symington adds, "We are hopeful that the bipartisan legislation reported by the Senate Banking Committee to the full Senate will be considered on the Senate floor early enough in 2012 to give the House and Senate time to reconcile their versions of reform by the end of May."

Based on what has happened over the last few weeks, industry lobbyists say that the Senate is unwilling to sign off on the House version of reform legislation that would extend the NFIP until Sept. 30, 2016, and want some changes made to the House bill.

"There are specific concerns with provisions in the House bill, plus provisions that individual senators want included in any final legislation," one industry lobbyist says.

The two versions contain many similarities as well. One provision in both bills would allow the Federal Emergency Management Agency to buy private reinsurance as a means of reducing the government's exposure to additional losses.

The bills also tighten subsidies provided under the current NFIP authorization legislation.

But industry officials are voicing concerns about provisions in both bills that would allow the Federal Emergency Management Agency greater flexibility in paying its bills.

The greatest concern is with the Senate bill, which would give homeowners the option of paying "either annually or in more frequent installments."

Officials of National Flood Services, which serves as the processor for 54 of the 83 Write-Your-Own companies, say in a letter to the Senate that the provision "would be a disaster."

The House version is "open-ended," providing the Federal Emergency Management Agency, which administers the NFIP, the flexibility to allow homeowners to pay annually, quarterly or monthly, "whatever FEMA wants."