U.S. House proposes NFIP extension through September

U.S. House Financial Services Committee Chair Barney Frank (D-Mass.) recently introduced HR 5255, which would extend the National Flood Insurance Program (NFIP) from May 31 through Sept. 30.

Frank says that the recent lapses in the program have made it difficult to write new and renew flood insurance coverage, which the Federal Emergency Management Agency and the National Realtors Association say has "adversely impacted or delayed up to 1,350 real estate closings per day." U.S. Reps. Paul Kanjorski (D-Pa.), Doris Matsui (D-Calif.), and Maxine Waters (D-Calif.) co-sponsored the legislation.

The House committee also recently passed Waters' Flood Insurance Reform Priorities Act of 2010 (HR 5114) to extend the program through Sept. 30, 2015. In the U.S. Senate, however, HR 4213, which would extend NFIP through Dec. 30, has stalled.

Source: Insurance & Financial Advisor (05/10/10) Martin, Keith L.

Source: INFORMATION, INC. Bethesda, MD