On Friday, December 21, 2018, President Trump signed into law a measure reauthorizing the National Flood Insurance Program until May 31, 2019. The flood
A short-term shutdown. insurance agents cannot sell or renew flood insurance policies back by the program because of lack of government funding. The results could mean new or renewing federal flood.
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FEMA Backtracks, Advises That Partial Federal Government Shutdown Will Not Disrupt Flood Insurance Program By Verne Pedro on January 2, 2019 Posted in Insurance In my last two posts I wrote about the threatened expiration of the National Flood insurance program (nfip) and stop-gap legislation that averted the lapse.
NFIP Authorization Extended Until May 31, 2019, But Flood Program Could Be Disrupted By Government Shutdown By Verne Pedro on December 27, 2018 Posted in Federal Legislation I recently wrote about the short-term extension that halted the potential expiration of the National Flood Insurance Program (NFIP) set for November 30, 2018.
BIGGERT-WATERS FLOOD INSURANCE REFORM ACT OF 2012. resulted in several problematic lapses in the pro-gram. During those periods, no flood insurance policies could be written. These lapses had im-. There is an authorization of $400 million for flood mapping per year for fiscal years 2013-2017. (This
· Lenders are not precluded during the lapse in flood insurance authority from making loans due to a lack of NFIP flood insurance. FEMA has taken the position in a letter to the federal financial institution regulatory agencies dated December 12, 2002, that during the lapse in NFIP flood authorization, flood insurance will not be available under the NFIP. 1 A copy of the FEMA document.
FEMA released a statement about the impending situation, saying that “FEMA and Congress have never failed to honor the flood insurance contracts in place with NFIP policyholders. In the unlikely event the NFIP’s authorization lapses, FEMA would still have authority to ensure the payment of valid claims with available funds.”.
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After months of uncertainty and concern with the state of the National flood insurance program. The resulting government shutdown has caused the program to lapse, meaning no new insurance policies.
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Last night the House and Senate voted to reauthorize the National Flood Insurance Program (NFIP) until December 7, 2018. The President is expected to sign. This 7 day re-authorization also provides an opportunity to re-link NFIP re-authorization to higher profile government funding legislation, which itself must be extended before December 7, 2018 to avoid a partial government shutdown.