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Thursday, June 20, 2024

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Trump Approves Flood Insurance Extension Act

By Press Release

WASHINGTON – President Donald Trump signed into law S. 1182, the “National Flood Insurance Program Extension Act of 2018,” July 31. That action reauthorized the Federal Emergency Management Agency to enter into new contracts for flood insurance and borrow from the Treasury up to specified amounts through Nov. 30, 2018.
The Administration supported the National Flood Insurance Program (NFIP) and efforts to ensure the program did not lapse July 31. As Congress considered legislation to reauthorize the program, the Administration continued to support reforms to the program to ensure its long-term viability.
As currently structured, the NFIP cannot handle catastrophic losses like those caused by the devastating hurricanes in 2017. In October 2017, the Administration proposed some reforms to put the program on a sound financial footing while ensuring that affordable rates are maintained for low-income policyholders, according to a White House release.

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