Risk and Insurance Management Society Signs Letter Urging Congress to Address Looming National Flood Insurance Program Expiration on November 30

Targeted News Service (Press Releases)

NEW YORK, Nov. 26 -- The Risk and Insurance Management Society issued the following news release:

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- Program's Lapse Would Lead to Major Business Disruption

With the National Flood Insurance Program (NFIP) set to expire on November 30th, RIMS, the risk management society (TM), signed a joint letter (https://www.rims.org/externalaffairs/Documents/Joint%20NFIP%20Lapse%20Letter%20November%202018.docx) with other insurance, real estate and banking organizations, urging Congress to take immediate action to avoid a lapse in the program.

In November 2017, both the U.S. House of Representatives' and the Senate reached a bipartisan agreement to temporarily extend the NFIP program for one year. With recent changes to the administration, mounting concern from a range of corporate entities has escalated prompting the issuance of joint letter addressed to House Speaker Paul Ryan, Majority Leader Mitch McConnell, Minority Leader Nancy Pelosi, and Minority Leader Chuck Schumer.

"A lapse in NFIP coverage would be devastating for thousands of businesses across the United States," said RIMS CEO Mary Roth. "For too long, the program has received temporary extensions. RIMS encourages Congress to consider the millions of Americans at risk, the resounding impact a lapse would have on flood recovery efforts and the disruption caused by the countless real estate contracts that would immediately become void. Our Society will continue to demonstrate its commitment to a reauthorized NFIP and will work with government officials to ensure they have the tools and support to reach this goal."

The NFIP is a priority of RIMS and was the focus of the Society's 2018 Legislative Summit held in October in Washington, DC. At the Summit, RIMS members participated in more than 50 meetings with House and Senate offices to discuss the risk management community's concerns regarding the NFIP.

Additionally, RIMS' Political Action Committee (RISK PAC) has been soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit www.riskpac.org.