Industry News

WASHINGTON – The National Flood Insurance Program (NFIP) has been authorized to the end of the federal fiscal year on September 30, 2023, after its renewal was included in the omnibus appropriations bill passed by Congress. 

            Renewal of the flood insurance program for nine months is an unadulterated win for NFIP policyholders, agents, carriers, and lenders. The NFIP would have expired on Friday, December 23 at midnight in the absence of action by Congress.

            “Thankfully for all NFIP stakeholders, Congress reauthorized the NFIP within the omnibus,” said Lauren G. Pachman, Esq., counsel and director of regulatory affairs for PIA.

            “Throughout the year, PIA met with members of Congress to urge them to reauthorize the NFIP. During our discussions, policymakers consistently recognized the critical role that the program plays in protecting property and giving people the financial support they need to strengthen their homes and businesses and recover after natural disasters. It’s gratifying to see that our members have been heard.”

            “We hope that this renewal of the NFIP will provide sufficient time next year for lawmakers to thoughtfully address necessary challenges and pass a long-term reauthorization of the program along with meaningful improvements,” Pachman said.

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA’s web address is http://www.pianational.org.