Obama Signs Flood Program Extension, But Industry Calling For Major Reforms

President Barack Obama signed into law legislation extending the National Flood Insurance Program as is until Sept. 30, 2011—averting what would have been yet another shutdown of the federal catastrophe coverage plan. But industry officials are urging a more comprehensive reform effort in the year ahead. The NFIP, which lapsed three times this year, has become a political football because it is more than $18 billion in debt, according to David Sampson, president and CEO of the Property Casualty Insurers Association of America.