FOR IMMEDIATE RELEASE
INSURANCE REGULATORS APPLAUD PASSAGE OF LONG-TERM
FLOOD INSURANCE REAUTHORIZATION BILL
National Flood Insurance Program reauthorization protects
consumers across the country
WASHINGTON, D.C. (July 2, 2012) — The National
Association of Insurance Commissioners (NAIC) commends Congress for passing
legislation to reauthorize the National Flood Insurance Program (NFIP) for
another five years. The reauthorization measure passed last week represents
a compromise between the House and Senate bills, and includes non-binding
mediation language supported by the NAIC.
“I am pleased Congress recognized the importance of the NFIP to
consumers in passing a long-term reauthorization and reform that will help
provide financial stability to the program,” said NAIC President and
Florida Insurance Commissioner Kevin M. McCarty. “The non-binding mediation
language is especially important, as it offers policyholders an alternative
to costly and time-consuming litigation to resolve disputes.”
Earlier this month, the NAIC sent a letter
to Senate leaders urging them to act quickly to reauthorize the NFIP before
the program expired at the end of July. The NFIP was included in a package
that passed both the House and Senate Friday.
“This development is good news for both consumers and the industry,” said
NAIC President-Elect and Louisiana Insurance Commissioner Jim Donelon. “The
NFIP is an important component in our nation‘s response to natural
disasters, and constancy in the program equals stability in the insurance
marketplace, which is critical for our states.”
Click HERE for
more information on the NFIP.
for consumer information on disaster preparedness.