Pres. Obama Signs 1-Year NFIP Extension

Monday, October 4th, 2010 Catastrophe Legislation & Regulation Property

President Obama late Thursday signed into law legislation extending the National Flood Insurance Program until Sept. 30 - averting what would have been another shutdown of the program. Without the President’s signature, the program would have expired at midnight Thursday. The NFIP has lapsed three times this year. It has become a political football because it is more than $18 billion in debt, as noted by David Sampson, president and CEO of the Property Casualty Insurers Association of America.

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