Congress Extends NFIP Through November 30, 2018
Both the Senate and the House have voted to extend the National Flood Insurance Program (NFIP) through November 30, 2018. By reaching this agreement Congress avoids NFIP expiring on July 31, 2018.
The National Flood Insurance Program Extension Act of 2018 (HR 6379), passed by the Senate today, was introduced in the House by Rep. Thomas MacArthur (R-NJ), and was passed by the House last week. The bill was voted on in-the-nature of a substitute to an unrelated Senate bill S. 1182, The American Legion 100th Anniversary Commemorative Coin Act. This procedure allows for all text of a piece of legislation to be replaced. In this case, it was done to expedite the process so NFIP would not expire.
Additionally, FEMA has announced it will be entering into a three-year agreement with Hanover Designated Activity Company for the purposes of providing reinsurance coverage. This marks the first time FEMA will enter into a reinsurance agreement that is directly backed by capital market investors. $500 million of risk coverage will be transferred from the NFIP program to the private market.
Please contact APWA Government Affairs Manager Marty Williams at email@example.com
or (202) 218-6732 with any questions.