WASHINGTON, D.C., May 30, 2012 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) commended Congress for passing a 60-day extension of the National Flood Insurance Program (NFIP). The U.S. House of Representatives today passed the 60-day extension after the Senate passed it last week by unanimous consent. Absent Congressional action the NFIP was set to expire at midnight tomorrow.
The 60-day extension legislation also contains one policy provision that would remove the subsidies granted to second homes and vacation homes by the NFIP. This provision was included in order to ensure the measure gained unanimous consent in the Senate and is also a part of the long-term extension and reform bills in the House and Senate, both of which the Big “I” strongly supports.
“The Big ‘I’ commends the House and Senate for passage of this 60-day extension in order to prevent an expiration of the NFIP,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs. “We urge President Obama to sign this legislation into law before the scheduled expiration tomorrow.”
In addition to the passage of this short-term extension, an agreement has been reached in the Senate for the floor consideration of S. 1940, the “Flood Insurance Reform and Modernization Act.” This legislation, which would extend the program for five years and make needed reforms, was reported by the Senate Banking Committee unanimously late last year but has not yet been considered by the full Senate. The House overwhelmingly approved similar legislation last summer.
“Congressional passage of a short-term extension was made possible by a deal reached in the Senate to finally consider S. 1940, legislation that provides a long-term extension and reform of the NFIP,” says Symington. “We urge Senate leadership to follow-through on this agreement and schedule time for consideration of this important legislation as soon as the Senate returns from its Memorial Day recess.”
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 approximately a quarter of a million 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.