WASHINGTON, D.C., Oct. 4, 2011 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today praised the U.S. House of Representatives for their passage of the FY 2012 Continuing Resolution (CR). The legislation keeps the government running until Nov. 18, 2011. Also included in the legislation is an extension of the National Flood Insurance Program (NFIP) until the same date. The Senate passed the same CR last week, and President Barack Obama is expected to sign it today.
“The Big ‘I’ commends both the House and the Senate for their work on this important Continuing Resolution,” says Charles Symington, Big “I” senior vice president of government affairs. “It is vital to our economy that there not be any interruption in the NFIP, and today’s action thankfully ensures that Congress will have more time to consider their long-term extension and reform efforts.”
The House and Senate are currently working on legislation that would extend the program for five years and make needed reforms to the program. The House overwhelmingly passed their version of the legislation, the “Flood Insurance Reform Act of 2011,” in July. The Senate Committee on Banking has passed their version, the “Flood Insurance Reform and Modernization Act” but the bill must still be considered by the full Senate. Once the Senate passes its legislation, the House and the Senate will still have to agree on a final bill.
“Today’s action buys Congress more time for work on the long-term reform and extension effort,” says John Prible, Big “I” vice president of federal government affairs. “We now urge Senate leadership to quickly bring the reform bill to the full Senate floor for consideration to allow the House and Senate enough time to reconcile their two bills. We are now closer to achieving a long-term reform and extension bill than at any point in recent memory and we urge Congressional leadership to finally push this over the finish line.”
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