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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.
Click HERE for consumer information on disaster preparedness.

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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