US Congress extends National Flood Insurance Program

US CONGRESS EXTENDS NATIONAL FLOOD INSURANCE PROGRAM:

President Barack Obama has signed into law legislation that extends the National Flood Insurance Program (NFIP) through to 31 May.

The extension allows the NFIP to issue new policies which it has been unable to do since March.

The program had lapsed 28 March after the Senate failed to pass what is known as the "extenders" bill. Officials of the American Insurance Association said the goal of congressional leadership is to finish work by 31 May on the extender's bill, H.R. 4213, "thus precluding the need for another short-term extension of the NFIP." That bill would extend the NFIP through 31 December, 2010.