Big "I" Applauds House Committee Passage of Flood Insurance Reform Bill Calls on the full House and Senate to enact flood extension and reform legislation.
The Independent Insurance Agents & Brokers of America (IIABA or the Big "I") today issued the following statement lauding passage of H.R. 1309, the "Flood Insurance Reform Act of 2011," in the U.S. House of Representatives Committee on Financial Services. The legislation would extend the National Flood Insurance Program (NFIP) for five years and make needed reforms to the program to help put it in secure financial footing for the future. The bill now goes to the House for approval.
The following statement is by Charles Symington, Big "I" senior vice president of government affairs:
"The Big 'I' commends the Committee for acting on H.R. 1309. A five year extension is of the utmost importance, as are reforms to put the program on sound financial footing. We are especially grateful that the Committee rejected an amendment that would have removed the inclusion of optional business interruption and additional living expenses coverage as these provisions will better safeguard consumers against flood loss. The Big 'I' thanks House Financial Services Committee Chairman Spencer Bachus (R-Ala.), Ranking Member Barney Frank (D-Mass.), Insurance Subcommittee Chairman Judy Biggert (R-Ill.), and other members of the Committee for passing this much-needed legislation. This legislation will have the strong support of the Big 'I' going forward and we urge the full House and Senate to take it up as soon as possible to avoid the program's looming expiration at the end of September."