Insurers Seek Further NFIP Reform Beyond Subsidy Cuts

Law360, New York (May 31, 2012, 3:53 PM EDT) -- A 60-day extension to the National Flood Insurance Program that passed Congress on Wednesday scraps subsidized flood insurance rates for second and vacation homes, and more reforms to the program are likely to follow, according to industry groups.

Although it's been more than 10 months since the U.S. House of Representatives overwhelmingly passed a bill that Rep. Judy Biggert, R-Ill. introduced to reform the NFIP, the Senate has dragged its feet on approving its own versions of reforms to the government-backed flood insurance program.

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