The Institutes

House to Vote on Flood Insurance Funds on Friday; Sandy Aid Later

 Thursday, January 3, 2013

 Insurance Journal

Under fire from fellow Republicans from Sandy-stricken New York and New Jersey, House Speaker John Boehner, R-Ohio, today agreed to hold two separate votes on storm relief including one vote on Friday to make about $9 billion available to the National Flood Insurance Program (NFIP), which is running out of funds to pay Sandy flood claims. Boehner promised that a second vote on supplemental disaster aid for states hit by Superstorm Sandy will be held on Jan. 15, the first day of the new 113th Congress. The measure to be considered on Friday already passed the Senate and would increase the borrowing authority of the NFIP to help cover claims from Sandy from $20.7 billion to $30.4 billion, effective retroactively to Dec 12, 2012.
PropertyLegislation & Regulation
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