The Institutes

Flood Insurance Funds Will Run Out Jan. 7 Without Congress OK: FEMA

 Friday, January 4, 2013

 Insurance Journal

The Federal Emergency Management Agency (FEMA), which administers the National Flood Insurance Program (NFIP), has notified Congress that without the approval of additional borrowing authority, funds available to pay claims will be exhausted sometime around the week of January 7. Payments on more than 115,000 claims in states across the country may be delayed until Congress increases the NFIP borrowing authority, according to FEMA. Supplemental legislation currently under consideration by Congress includes $9.7 billion in additional borrowing authority to support the NFIP to address claims resulting from Superstorm Sandy and other floods.
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