On Wednesday, February 25, 2009, the House of Representatives passed legislation extending the National Flood Insurance Program ("NFIP"), which was set to expire in March. As we reported here, Congress previously extended the NFIP at the end of September 2008.
The current legislation, if passed by the Senate and signed into law, would extend the program for another six months, through September 2009. The House extension legislation does not contain provisions for windstorm coverage, which had been a hot issue in past debates on the legislation, as President Bush had promised to veto any extension legislation that added windstorm coverage to the program. The Senate is expected to take a vote on the legislation soon.
We will continue to report developments as they occur here on InsureReinsure.com.