NFIP extension bill signed into law

WASHINGTON—President Barack Obama on Thursday signed into law legislation that extends the National Flood Insurance Program through July 30.

The program had been slated to expire on Thursday. This month, the House passed a measure that would have extended the program for 30 days.

Insurance industry groups—which, along with the Risk & Insurance Management Society Inc. and other organizations, support a longer-term extension and reform of the program—welcomed the latest House action but expressed hope that a longer-term solution would be approved soon.

“Today's House vote helps ensure that there will be no lapse of the National Flood Insurance Program and enacts the first of many much-needed reforms to the program,” said Jim Grande, senior vp in the Washington office of the National Assn. of Mutual Insurance Cos., in a statement. “Congress can be proud of this responsible debt-reduction measure, but they can't stop now.”

“We are pleased that the House voted to concur with the Senate's 60-day NFIP extension,” said Ben McKay, senior vp in the Washington office of the Property Casualty Insurers Assn. of America in a statement. “However, this only delays the fundamental debate over the future of the flood insurance program. We remain hopeful that the Senate will schedule floor time for their long-term NFIP reauthorization and reform bill in June.”

“With overwhelming bipartisan support to reform and reauthorize the NFIP, the 60-day extension should allow enough time for Congress to hammer out and adopt a final long-term reauthorization bill,” said Tom Santos, vp of the American Insurance Assn., in a statement.