WASHINGTON, July 2 -- The National Association of Insurance Commissioners issued the following news release:
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 (http://www.naic.org/documents/cipr_testimonies_120614_nfip.pdf) 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 (http://www.naic.org/cipr_topics/topic_nfip.htm) for more information on the NFIP.
Click HERE (http://www.insureuonline.org/disaster_preparedness.htm) for consumer information on disaster preparedness.
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