Extension of NFIP Likely. All Proposals Dead Until Next Year

Gene Taylor was in the news today in a report dealing with the extension of the current NFIP program until next year. While the article focuses on adding wind to the program, this extension kills all the various proposals, from those backed by the insurance industry to those backed by us slabbers. Maria Recio has the story for the Sun Herald:

Rep. Gene Taylor’s relentless two-year campaign to secure wind coverage as part of the federal flood insurance program is on the verge of failure, a victim of vicious opposition in the Senate, of suspicions about a new government program and ultimately, of bad timing.

“It looks like there will be an extension of the present program,” said Taylor, D-Bay St. Louis, in an interview. The National Flood Insurance Program expires Sept. 30 unless Congress acts and lawmakers, anxious to help victims of hurricanes Ike and Gustav, are looking for a simple extension – with no policy changes – while they focus on the $700 billion Wall Street bailout.

“The important thing is that the program would not lapse,” Taylor said. House Financial Services Committee Chairman Barney Frank, D-Mass., said last week that he wanted a seven-month extension until April 30. He introduced a bill late last week, H.R. 6965, that would extend the program by April 30. It may be on the House floor as soon as today, although Taylor aide Brian Martin said a vote was more likely Wednesday. Continue reading “Extension of NFIP Likely. All Proposals Dead Until Next Year”

Breaking: House-Senate NFIP Committe at Impasse on Reauthorization

Folks never count out our own Gene Taylor, one of the House’s NFIP conferees. Nancy Pelosi publicly stated in Bay St Louis she was behind us and Gene’s bill. Though Gene’s bill HR 3121 has been billed as a handout, as the National Underwriter story indicates one sticking point in the negotiations is NFIP debt forgiveness. The US Senate and Insurance Industry want the slabbed to get a government handout while the House version gives us a hand-up but makes us pay back the NFIP deficit which is fair. How easily the insurance industry parts with your tax dollars while holding tight to their own money.

And a word for those who sell us slabbers short. In the words of the lead character from my favorite TV series, the experience gives you “big balls” (plus coats ’em in stainless steel). Who is gonna blink first?  There are 11 days left before the program expires folks and Bush is against both Gene’s HR 3121 and the compromise bill in HR 3355.

Arthur Postal has the story for the National Underwriter. Notice what they say about Obama’s stand on adding wind coverage to NFIP. The more I hear from him the more I like him. Since I have more posts than time to do them I’ll add that those so interested should check out NU Editor in Chief Sam Friedman’s blog for several recent excellent posts including his last two which are on on AIG:

Two insurer groups are opposed to a proposal made last night to extend the current National Flood Insurance Program (NFIP) until April 30, 2009, saying the solution is a bipartisan bill that already has been passed in the Senate. Continue reading “Breaking: House-Senate NFIP Committe at Impasse on Reauthorization”

McCain Comes Out Against a Federal Multi Peril Solution: Slabbers Everywhere Unite for Obama!

I had a feeling the presidential candidates would narrow down the field from two to one for us slabbers on their own and John McCain has done the narrowing. The big business loving wing of the party may just cause me to leave the Senate race ballot blank too. I simply will not vote against my economic interests in 2008. Arthur Postal has the story for the National Underwriter:

Republican presumptive presidential candidate John McCain voiced opposition to a bill proposing a national risk pool for natural catastrophes, and a Florida Democratic congressman rebuked him for his comments.

The issue arose yesterday, when the Arizona senator, while traveling on his campaign bus in Florida, said while he sympathizes with homeowners battered by soaring insurance costs, he was not prepared to endorse a national risk pool as a way to bring those prices down. Continue reading “McCain Comes Out Against a Federal Multi Peril Solution: Slabbers Everywhere Unite for Obama!”