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Big "I" Applauds House Efforts to Avoid NFIP Lapse

House passes bill to extend the NFIP through the end of hurricane season; Senate yet to act.

WASHINGTON, D.C., July 25, 2018 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I") thanks the U.S. House of Representatives for passing a measure to extend the National Flood Insurance Program (NFIP) through Nov. 30.

“The Big 'I' applauds the House of Representatives for voting to extend the NFIP through the end of hurricane season," says Charles Symington, Big “I" senior vice president of external, industry and government affairs. “The Big 'I' especially wants to thank Majority Whip Steve Scalise (R-Louisiana) and Rep. Tom MacArthur (R-New Jersey) for recognizing the critical role the NFIP plays in the lives of millions of Americans and leading efforts in the House to guarantee flood insurance remains available to those who need it while Congress continues to debate options for reforming the NFIP."

Congress must periodically reauthorize the NFIP, which is currently set to expire on July 31. However, Congress has yet to pass a long-term extension of the NFIP, as debate continues regarding options for reforming the program. This has already resulted in a series of six stop-gap extensions and two brief lapses in 2017 and 2018. The current House-passed measure would extend the program for four months. But the Senate must also act for the program to continue operation after the end of the month.

 “Following the House vote, the Big 'I' urges prompt action in the Senate to extend the NFIP before July 31," says Jennifer Webb, Big “I" counsel, federal government affairs. “A lapse in the NFIP during the height of hurricane season could impact the ability of the program to promptly pay claims if there is a major flooding event, delay recovery efforts related to the catastrophic 2017 storm season and disrupt real estate markets across the country."

Founded in 1896, the Independent Insurance Agents & Brokers of America (IIABA or 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.

 

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