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Government funding legislation, including an extension of the National Flood Insurance Program through Sept. 30, 2021, was signed into law by President Trump Thursday.
The U.S. Senate on Wednesday had voted 84 to 10 in favor of the legislation that had passed the House last week.
The reauthorization of the program, just as the NFIP was set to expire Sept. 30, was welcomed by industry organizations including the Risk and Insurance Management Society Inc., National Association of Mutual Insurance Companies and Independent Insurance Agents & Brokers of America Inc.
“In a year that has seen unprecedented hurricane and tropical storm activity as well as economic turmoil, Congress simply could not allow the NFIP to lapse, and we commend leaders on both sides of the aisle for recognizing that,” Jimi Grande, senior vice president of government affairs for NAMIC said in a statement.
The one-year extension gives Congress “additional time to build consensus on common-sense reforms to the NFIP and to consider policies to help more property owners obtain flood insurance coverage through the NFIP and the private market,” the Independent Insurance Agents & Brokers of America said in a statement.
“A longer term solution that also includes reforms to maintain the program’s solvency will remain a RIMS legislative priority," said RIMS President Laura Langone.
Congress has yet to pass a longer-term extension of the NFIP, as debate continues regarding options for reforming the program.
Although the broader government funding included in the continuing resolution runs only through Dec. 11, the NFIP was extended for a full year beyond its Sept. 30 expiration. This is the longest such extension since 2012 for the program that has been extended on a short-term basis 15 times in just the last three years, according to NAMIC.