House Panel OKs Flood Insurance Reform Bill

Law360, New York (May 13, 2011, 6:59 PM EDT) -- A House panel approved legislation on Friday that would overhaul the government’s beleaguered flood insurance program, opening the door for private companies to assume part of the program’s insurance risk.

In a 54-0 vote, the House Financial Services Committee passed H.R. 1309, called the Flood Insurance Reform Act of 2011, sending the bill, which would reform and reauthorize the National Flood Insurance Program, to the floor of the U.S. House of Representatives.

Passage of the bill came as flooding along the Mississippi River battered communities in...
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