Ill. House Democrats: Rep. Sharon Chung's Flood Insurance Bill Unanimously Passes House
Targeted News Service
BLOOMINGTON, Illinois, April 19 -- The Illinois House Democrats issued the following news:
State Rep. Sharon Chung, D-Bloomington, is working to protect taxpayers from the high cost of flood damage to critical infrastructure by passing bipartisan legislation through the Illinois House of Representatives to make sure Illinois state properties receive federal assistance for floods.
"We know that natural disasters are a matter of when, not if," said Chung. "When our state buildings and infrastructure are damaged without proper insurance, we risk extended loss of services to Illinoisans, and sudden financial burdens. This legislation will make sure we minimize the impact that flooding can cause on our infrastructure, and save taxpayer money."
Chung earned unanimous bipartisan support for House Bill 4207 in a House floor vote. The bill reduces liability for taxpayers by requiring state agencies comply with rules set by the Federal Emergency Management Agency (FEMA) to be eligible for the National Flood Insurance Program (NFIP). This program allows states to receive federal funding for damage caused by flooding, rather than passing the entire cost on to Illinois taxpayers. The bill moves to the Senate for a vote.
"We could all use one less thing to worry about," said Chung. "Making sure our state has the support it needs in the event of flooding will allow us to feel confident about what our response will be when disaster strikes."
Nationwide Mutual Insurance: Business Life Insurance Can Help Address Challenges Faced by Business Leaders Navigating Turbulent Labor and Economic Landscape
Ill. House Democrats: Jones Passes New Protections in Auto Theft Cases, Cracks Down on Insurance Loopholes That Deny Coverage
Advisor News
- Global economy ‘resilient’ in the wake of massive disruption
- Cryptocurrency legislation takes one step forward with bipartisan support
- IRS CEO FRANK J. BISIGNANO VISITS OHIO TO TOUT WORKING FAMILIES TAX CUTS PROVISIONS ON NO TAX ON CAR LOAN INTEREST, NO TAX ON OVERTIME, ENHANCED DEDUCTION FOR SENIOR CITIZENS
- The hidden flaw in insurance AI adoption for advisors and carriers
- Rising healthcare costs impact 401(k) accounts
More Advisor NewsAnnuity News
- MetLife Expands Guaranteed Retirement Income Offering with Innovative Flexible Annuity Option
- How annuities can help protect retirees from financial scams
- MetLife Inc. (NYSE: MET) Climbs to New 52-Week High
- The Standard and Pacific Guardian Life Announce Entry into Agreement to Transition Individual Annuities Business
- AuguStar Retirement launches StarStream Variable Annuity
More Annuity NewsHealth/Employee Benefits News
- Hecklers disrupt Cedar Rapids campaign rally as Ashley Hinson touts stock trading ban
- Reed: Can these assets be saved?
- Virginia program cuts costs of health insurance under Obamacare
- Retirement, health insurance costs to put pressure on future Baker City budgets
- The United States may be the best place to build universal health care (Opinion)
More Health/Employee Benefits NewsLife Insurance News
- AM Best Affirms Credit Ratings of Halyk-Life, JSC
- AM Best Affirms Credit Ratings of Symetra Financial Corporation and Its Subsidiaries
- AM Best Assigns Credit Ratings to Park Avenue Life Insurance Company
- Nationwide reaches reinsurance agreement with MassMutual on UL policy block
- Best’s Market Segment Report: AM Best Maintains Outlook on Philippines’ Non-Life Insurance Segment at Stable
More Life Insurance News