WASHINGTON, D.C., May 14, 2019— 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 Sep. 30.
“The Big 'I' applauds the House of Representatives for voting to extend the NFIP through Sep. 30, the end of the fiscal year," says Charles Symington, Big “I" senior vice president of external, industry & government affairs. “The Big 'I' especially wants to thank Chairwoman Maxine Waters (D-California) and Ranking Member Patrick McHenry (R-North Carolina) for recognizing the critical role the NFIP plays in the lives of millions of Americans. They have lead 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 May 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 stop-gap extensions and a few 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 May 31.
“Following the House vote, the Big 'I' urges prompt action in the Senate to extend the NFIP before May 31," says Wyatt Stewart, Big “I" senior director, federal government affairs. “A lapse in the NFIP could impact the ability of the program to promptly pay claims if there is a major flooding event, delay recovery efforts related to catastrophic storms and disrupt real estate markets across the country."
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.