WASHINGTON, D.C., May 23, 2019 The Independent Insurance Agents & Brokers of America (the Big I") praises the U.S. Senate for passing a measure to extend the National Flood Insurance Program (NFIP) through Sept. 30.
The Big 'I' thanks the Senate, and especially Majority Leader Mitch McConnell (R-Kentucky), for taking action to approve an extension of the NFIP through Sept. 30 as part of the disaster supplemental and avoid a lapse in program operations," says Charles Symington, Big I" senior vice president of external, industry and government affairs. While Congress continues to debate reforms to the NFIP, it is important that the program remain in operation because more than five million property owners nationwide rely on it to protect their livelihoods."
Congress must periodically reauthorize the NFIP which is currently set to expire on Sept. 30. 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.
Following the Senate vote, the Big 'I' urges prompt action in the House on the Senate-passed disaster supplemental which would extend the NFIP before the May 31 deadline," says Wyatt Stewart, Big I" senior director of 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 insuranceproperty, casualty, life, health, employee benefit plans and retirement productsfrom a variety of insurance companies.