National Flood Insurance Program May 31st Extension Avoids Dangerous Lapse in Coverage
NEW YORK – In the waning hours prior to the U.S. Federal Government’s partial shutdown, RIMS, the risk management society, welcomed congressional action to extend the National Flood Insurance Program (NFIP). Extended through May 31, 2019, the program will become the responsibility of incoming House Financial Services Chairwoman Maxine Waters (D-Calif.) to draft a longer-term reauthorization.
A long-term reauthorized NFIP bill would provide critical financial support to a wide range of businesses experiencing flood emergencies and continues to be a RIMS legislative priority. The NFIP was the focus of the Society’s 2018 Legislative Summit held in October in Washington, DC. Additionally, this November, RIMS signed a joint letter with other insurance, real estate and banking organizations, urging Congress to take immediate action to avoid a lapse in the program.
“Business leaders, especially those located in areas of the country most susceptible to flood disasters, can breathe a sigh of relief knowing that an NFIP lapse has been avoided,” said RIMS CEO Mary Roth. “While RIMS is happy that the NFIP received an extension, the Society will continue to work diligently with elected officials, offering our support to help create a more permanent, long-term solution.”
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.