- Congressional Update: National Flood Insurance Program
- September 24, 2010 | Author: B. Jeffrey Brooks
- Law Firm: Adams and Reese LLP - Washington Office
With the recent short-term extension of the National Flood Insurance Program (NFIP) expiring September 30, the Senate via voice vote passed another short-term extension (S 3814) late yesterday afternoon, extending the program for another year; through September 30, 2011. The most recent long-term reauthorization (PL 108-264) expired in September 2008 and short-term extensions have been keeping the program funded ever since.
As you may recall, in July the House passed by a vote of 329-90 a long-term reauthorization of NFIP (HR 5114). The House bill would allow insurance premiums to increase by up to 20 percent each year (currently the limit is 10 percent) and would allow an increase in coverage limits. The House bill would not expire until fiscal year 2015.
Today a hearing is scheduled for the Senate Banking, Housing and Urban Affairs committee to discuss long-term reauthorization, but with the recent year long extension of the program and the upcoming campaign recess, it is unclear when the matter will reach the Senate floor.