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Member, Beacon International Group, Ltd.
WASHINGTON—President Barack Obama has signed into law legislation that extends the National Flood Insurance Program through May 31.
The extension, which is part of a more comprehensive measure that temporarily extends a variety of federal programs, allows the NFIP to again issue new policies. The program had lapsed March 28 after the Senate failed to pass what is known as the “extenders” bill.
The NFIP repeatedly has been extended on a short-term basis as the House and Senate have been unable to agree whether the program should be expanded to provide windstorm as well as flood coverage, an expansion that insurers oppose.