Flood insurance reform stalls in Congress
Wednesday, August 29th, 2007 Catastrophe Legislation & Regulation PropertyDespite promising changes, Congress has shown little enthusiasm for taking the unpopular steps that experts say are necessary to fix the nation’s main flood insurance program. Recent flooding in the Midwest has brought the issue back to the forefront. Hurricanes Katrina and Rita, back-to-back storms in 2005, dispelled any notion that the insurance program was self-sustaining. They threw it roughly $20 billion into debt and called attention to major structural flaws.
External References & Further Reading
http://www.insurancejournal.com/news/national/2007/08/28/83040.htm
