Lawmakers Eye National Flood Insurance Overhaul

Law360, New York (March 11, 2011, 1:36 PM EST) -- With the National Flood Insurance Program slated to expire in September, members of Congress discussed draft legislation Friday to extend the heavily indebted program while implementing reforms and opening the flood insurance market to the private sector.

The House Committee on Financial Services’ subcommittee on insurance, housing and community opportunity heard testimony from federal administrators and insurance groups in order to overhaul the NFIP and minimize taxpayer liability in the event of a catastrophe.

The NFIP owes the U.S. Treasury $18 billion after responding to Hurricane...
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