WASHINGTON, D.C., Sept. 22, 2010 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today commended the United States Senate for passing S. 3814, the “Flood Insurance Extension Act of 2010,” which extends the program through Sept. 30, 2011. The bill is sponsored and was championed through the Senate by Sen. David Vitter (R-La.).
“The recent series of expirations and temporary extensions are negatively impacting the market,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs. “The Big ‘I’ commends the Senate, and especially Sen. Vitter, for passing this bill which will provide much needed stability and security for the NFIP and its five and a half million policyholders.”
The NFIP recently encountered a month-long expiration and is currently set to expire on Sept. 30, 2010. The Big “I” has noted that the program has worked for more than 40 years to help protect consumers from flood risks, and Congress has traditionally extended the program for five year periods in order to provide stability for the marketplace. Unfortunately, Congress has recently only extended the program for short periods, from 30 days to six months. The latest expiration period was the third such lapse this year alone. The Big “I” recently joined forces with seven other major trade associations in sending a letter to the House and Senate leadership urging them to pass a one year extension of this critical program. Click HERE to read the letter.
“Unfortunately, recent years have provided ample evidence of the destruction left behind by floods that highlight the urgency and importance of extending the NFIP,” says John Prible, Big “I” vice president for federal government affairs. “With the program set to once again expire Sept. 30, the Big “I” urges the House to follow the Senate’s lead and immediately adopt the Senate-passed legislation.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.