Push for National Flood Insurance Program reauthorization
With the NFIP set to expire on November 30, organizations are urging Congress to take immediate action to avoid a lapse.
With the National Flood Insurance Program (NFIP) set to expire on November 30, RIMS, signed a joint letter with other insurance, real estate and banking organizations, urging Congress to take immediate action to avoid a lapse in the program.
In November 2017, both the U.S. House of Representatives’ and the Senate reached a bipartisan agreement to temporarily extend the NFIP program for one year. With recent changes to the administration, mounting concern from a range of corporate entities has escalated prompting the issuance of joint letter addressed to House Speaker Paul Ryan, Majority Leader Mitch McConnell, Minority Leader Nancy Pelosi, and Minority Leader Chuck Schumer.
Senators John Kennedy (R-La.) and Robert Menendez (D-N.J.) have reportedly introduced short-term legislation to reauthorize the National Flood Insurance Program for six months until the end of next May 2019, before it expires on Friday, Nov. 30.
Commitment to a reauthorized NFIP
“A lapse in NFIP coverage would be devastating for thousands of businesses across the United States,” said RIMS CEO Mary Roth. “For too long, the program has received temporary extensions. RIMS encourages Congress to consider the millions of Americans at risk, the resounding impact a lapse would have on flood recovery efforts and the disruption caused by the countless real estate contracts that would immediately become void. Our Society will continue to demonstrate its commitment to a reauthorized NFIP and will work with government officials to ensure they have the tools and support to reach this goal.”
Related: Long-term NFIP reauthorization is essential
The NFIP is a priority of RIMS and was the focus of the Society’s 2018 Legislative Summit held in October in Washington, DC. At the Summit, RIMS members participated in more than 50 meetings with House and Senate offices to discuss the risk management community’s concerns regarding the NFIP.
Related: Why is long-term re-authorization of NFIP so elusive?