For Immediate Release
December 3, 2019
Contact: Paul Penna
NCOIL URGES PASSAGE OF LONG-TERM NFIP REAUTHORIZATION LEGISLATION
Short-Term Reauthorizations Disruptive to the Market and Cause Ambiguity for Policyholders
Manasquan, NJ – NCOIL’s President Dan “Blade” Morrish (Sen. LA) blasted Congress’ “tepid” action on flood insurance, stating that Congress need to do more. On Thursday, November 21st, Congress granted an extension to the National Flood Insurance Program (NFIP) as part of a continuing resolution; The extension is for just 30 days. The resolution, now headed to the President’s desk for signature, marks the fourteenth short-term extension to the NFIP since June 2017. NCOIL urges Congress to develop and pass long-term NFIP reauthorization legislation.
“While we do recognize that the program has avoided a lapse, we are beyond disappointed that Congress cannot make a long-term commitment to this program before it expires in a mere three weeks. It is impossible for states to plan accordingly and protect consumers. Never-ending shortterm extensions is no way to maintain a stable market for flood insurance,” said LA Sen. Blade Morrish, NCOIL President.
The extension until December 20th gives Congress more time to decide which of the multiple bipartisan bills it wants to pass that would reform and authorize a long-term extension of the program. “It is time for Congress to step up, to stop the tepid approach of the short-term extension, and protect our nation’s at-risk homeowners,” concluded Morrish.
“While NCOIL urges the President to sign this extension, we also urge Congress to pass legislation that would stabilize the NFIP, create availability of affordable flood coverage, and support growth of the private flood insurance market. Short-term extensions just leave policyholders on the brink again and again. NCOIL will continue to raise this issue until it is passed by both houses of Congress and signed by the President,” said Commissioner Tom Considine, NCOIL CEO.
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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act seventy four years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.