Obama OKs 5-Year Extension Of Flood Insurance Program

Law360, New York (July 9, 2012, 4:58 PM EDT) -- Insurance industry groups and realtors praised President Barack Obama on Friday for signing into law a five-year reauthorization of the National Flood Insurance Program, saying the measure implements much-needed reforms to the financially troubled program and brings stability to the real estate market.

Since 2008, the government-backed flood insurance program has been propped up with 17 short-term extensions and was allowed to lapse on four occasions after lawmakers failed to reach an agreement on an overhaul to the NFIP, which is saddled with about $18 billion...
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