July 2, 2012
HELENA, Mont. – Commissioner of Securities and Insurance Monica J. Lindeen today commended Congress for passing legislation to reauthorize the National Flood Insurance Program (NFIP) for another five years. The reauthorization measure passed last week represents a compromise between the House and Senate bills, and includes non-binding mediation language supported by the National Association of Insurance Commissioners (NAIC).
"After last year's flooding across the state, many Montanans purchased flood insurance for the first time," said Lindeen. "The long-term reauthorization of the flood insurance program provides stability to the market, ensuring Montanans can continue to access affordable coverage according to their needs."
Lindeen currently serves as the secretary-treasurer of the NAIC, which sent a letter earlier this month to Senate leaders urging them to act quickly to reauthorize the NFIP before the program expired at the end of July. The NFIP was included in a package that passed both the House and the Senate Friday.
For more information on the NFIP, or to find a flood insurance agent near you, visit floodsmart.gov. Tips for preparing for floods, fires, and other natural disasters are available from the NAIC here.