The borrowing authority for the National Flood Insurance Program would be increased 50 percent, to $30.4 billion, as part of a Superstorm Sandy supplemental budget request submitted to Congress by the Obama administration late Friday.

Michael Chaney, Mississippi insurance commissioner and head of the flood insurance working group for the National Association of Insurance Commissioners, says the request for increased funding is appropriate.

Chaney says current estimates by risk modelers are that the storm is a $55 billion event.

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