Last week, the U.S. Senate passed a continuing resolution to fund the federal government through Sept. 30 and included a short-term reauthorization of the National Flood Insurance Program (NFIP).
On March 14, the U.S. Senate passed a continuing resolution (CR), which will fund the federal government through Sept. 30. The U.S. House of Representatives had acted earlier in the week before adjourning. Importantly, the CR included a reauthorization of the National Flood Insurance Program (NFIP).
This was the 32nd time since 2017 that the NFIP has been reauthorized on a short-term basis.
The Big “I" has been in constant communication with congressional leadership about the importance of reauthorizing the NFIP, explaining why a lapse in the program would be devastating for policyholders and negatively impact various industries.
Along with the American Property Casualty Insurance Association (APCIA), the National Association of Mutual Insurance Companies (NAMIC), the Council of Insurance Agents and Brokers (CIAB) and the Reinsurance Association of America (RAA), the Big “I" sent a letter to House and Senate Leadership urging Congress to act quickly to extend the NFIP before the March 14 government funding deadline.
Meanwhile, the Big “I" was also working behind the scenes in case Congress did not act to fund the federal government and reauthorize the NFIP, working with Rep. Andrew Garbarino (R-New York) to introduce a standalone NFIP reauthorization bill that would have extended the program to Sept. 30.
While these short-term reauthorizations of the program are important to the U.S. economy, the Big "I" supports a long-term reauthorization of the NFIP and recognizes the importance of a modernized program to increase take-up rates in both the NFIP and the private market.
The Big “I" opposes any policies that would harm the Write-Your-Own (WYO) Program, including WYO reimbursement reductions, and undermine the valuable and trusted role that independent agents play in offering, selling and servicing flood insurance policies.
The Big “I" will continue to work with Congress to address flood insurance, while advocating for independent agents. Look out for updates in the weekly News & Views e-newsletter every Thursday.
Raaed Haddad is Big “I" director of federal government affairs.
