Congress Approves Two-Week NFIP Extension
The U.S. Congress has passed a measure to extend the National Flood Insurance Program (NFIP), which was set to expire at midnight on Friday, May 31, 2019, for two weeks while members continue discussions on program reforms. The measure was approved by the House of Representatives in a fast-track procedure during Congress’s recess after first being passed by the Senate last week.
A bill to grant $19 billion in disaster aid would include a further extension through September 30, 2019, but the bill has not yet been passed by the House. The current extension will allow the NFIP to operate through Friday, June 14, 2019.
Members of the National Association of Mutual Insurance Companies and the Independent Insurance Agents & Brokers of America (the Big “I”) have expressed disappointment that the program was not renewed for a longer time period.
“The Big ‘I’ is relieved that Congress was finally able to extend the NFIP before the program expires on May 31. However, we are disappointed that the extension is only for two weeks,” said Charles Symington, Big “I” Senior Vice President of External, Industry & Government Affairs. “With historic flooding in the Midwest and hurricane season upon us, it is vital that Congress passes a longer-term extension of the program when it returns to session next week to provide more certainty for consumers.”
Congress will resume on Monday, June 3, 2019, and discussion will continue on the aid bill, along with a lengthier NFIP extension.