With President Obama signing a 60-day National Flood Insurance Program (NFIP) extension bill on May 31, a lapse in the program has been avoided—but industry officials are wasting no time looking to the next phase and calling on the Senate to act on a five-year extension.
Ben McKay, senior vice president of federal government relations for the Property Casualty Insurers Association of America, says that although PCI is pleased that the 60-day extension avoided a lapse, "this only delays the fundamental debate over the future of the flood-insurance program. We remain hopeful that the Senate will schedule floor time for its long-term NFIP reauthorization and reform bill in June."
"It is now time for the Senate to move forward on [its five-year-extension bill] before the clock runs out on this latest short-term extension," says Tom Santos, vice president of federal affairs at the American Insurance Association.
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