Insurance Practices Expert On National Flood Insurance Program
The House leadership pulled a bill off of the floor before a vote could be taken on legislation that would add windstorm coverage to the National Flood Insurance Program (NFIP). The bill, H.R. 1264, introduced by Rep. Gene Taylor, D-Miss., could still be taken up again at any time, but for the moment, insurance industry representatives were satisfied that the House did not pass the measure after legislators discussed it on July 22.
An insurance industry expert told NU Online News Service that it is believed the bill was pulled because Rep. Taylor did not have enough votes to secure passage. The industry representative said the bill is not likely to come up next week and could be on hold until September.
In a formal statement of administration policy, the White House said that the Multiple Peril Insurance Act—H.R. 1264—would expand the government’s role in providing windstorm coverage that is “already readily available in the private sector.”
Read more: property-casualty.com.