NFIP Extension Included in Draft CR
The National Flood Insurance Program (NFIP) has been extended until January 19th as part of the short-term measure called a continuing resolution (CR) to fund the federal government. With the program and government funding authority both set to expire on Friday, PIA has been urging Congress to extend the NFIP either on its own or once again as part of the CR. The draft CR released by the House Appropriations Committee on January 16th would extend the NFIP until February 16th and, while PIA is pleased that the latest CR included an NFIP extension, rather than allowing the program to lapse, it’s vital that, going forward, Congress move away from short-term measures toward the provision of a long-term reauthorization of this program.
With Congressional leadership scrambling to obtain enough votes to pass the draft CR, we are once again on the brink of a lapse in the NFIP. Under current law, the NFIP may not issue new flood insurance contracts after a lapse in authority. Through PIA’s role on the Flood Insurance Producers National Committee (FIPNC), we advised FEMA on guidance to Write Your Own (WYO) Companies and other stakeholders in the event of such a lapse. PIA has been sharing this document with affiliates in case the CR, including an extension of NFIP’s authority until February 16, is not signed into law by midnight on Friday, January 19.
READ: FEMA Guidance on Potential Lapse in NFIP Authority