WASHINGTON, July 6 -- The Property Casualty Insurers Association of America issued the following news release:
President Barack Obama has signed into law a long-term reauthorization and reform measure for the National Flood Insurance Program (NFIP). Tom Litjen, vice president of federal government relations for the Property Casualty Insurers Association of America (PCI) made the following comment:
"Today's bill signing is momentous occasion for the millions of American home and businesses who rely on flood insurance.
"This legislation will bring much needed certainty to flood-prone communities and greater stability for the housing market.
"The NFIP had not been privy to a long-term reauthorization since 2004 and was caught in a tumultuous cycle of short-term extensions.
"This year's effort on Capitol Hill brought together the real estate, financial services, and construction industries.
"Together, we were able to demonstrate the economic importance of a strong and stable NFIP and the role the program plays in the larger economic recovery.
"We applaud Congress and President Obama for making flood insurance a top priority."
TNS cp -120707-JF78-3942788 StaffFurigay