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Warning: Flood insurance program could be haltedPosted On Fri, March 26, 2010
There could be another interruption of the National Flood Insurance Program in a few days.
The NFIP is scheduled to expire at midnight on March 28 and while the Senate is expected to vote on an extension, no one knows for sure when that will happen.
Similar problems were encountered by NFIP last month when it expired on February 28 for a few days. An program extension was signed in early March and the new deadline is quickly approaching.
Some fear politics could get in the way of a Senate vote before the March 28 deadline. "Hopefully, the program will be extended again and lawmakers will use that time to pass legislation reforming the program and extending it for a longer term," Matt Brady, spokesman for the National Association of Mutual Insurance Companies told Insurancejournal.com.
Congress has been keeping busy with the politics of the health care reform bill and some worry that this will distract from NFIP getting an extension.
The health care reform bill's package of changes passed yesterday and President Barack Obama is expected to sign it into law shortly.
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