Monday, July 19, 2010
Controversial Flood and Wind Insurance Legislation to be Considered by House This Week
The “Multiple Peril Insurance Act of 2009” (H.R. 1264) is scheduled for a vote in the full U.S. House of Representatives this week (likely on Thursday, July 22). The measure would amend the National Flood Insurance Act of 1968 "to provide for the national flood insurance program to make available multiperil coverage for damage resulting from windstorms or floods." The bill was introduced in March 2009 by Rep. Gene Taylor (MS-4th), and has 22 co-sponsors, primarily from coastal states. On April 27, 2010 it was passed out of the House Committee on Financial Services by a vote of 40-25. The Obama Administration has been on record as opposing the addition of wind damage coverage under the National Flood Insurance Program, and several private insurers and some taxpayer and environmental groups have opposed the measure, as well.