Congress Handily Approves 5-Year Flood Insurance Bill

Law360, New York (June 29, 2012, 5:01 PM EDT) -- Congress on Friday approved a five-year extension to the National Flood Insurance Program and reforms to ease it out of nearly $17 billion of debt, delivering long-desired certainty to private insurers that help run the program.

Since it expired in 2008, the government-backed flood insurance program has been propped up with 17 short-term extensions and allowed to lapse on four occasions after lawmakers failed to reach an agreement on an overhaul. Lapses of the NFIP can hold up real estate deals in areas where flood insurance...
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