The appropriation of FEMA’s funds earmarked for flood insurance policies expired on December 22nd along with many other government agencies and programs. While claims processes will proceed to function normally, the NFIP will carry the following limitations during the government shutdown:
· no new policies will be issued
· no changes can be made to existing policies
· renewal policies will not be issued
“Limitations on the NFIP can have serious repercussions, but it is RIMS hopes that the government shutdown concludes quickly and that FEMA remedies this situation as soon as it is able,” said RIMS CEO Mary Roth. “Until that time, RIMS External Affairs Committee will continue to monitor developments in Washington, D.C. and share pertinent information, enabling our membership to prepare their organizations to the best of their ability.”
A long-term reauthorized NFIP bill would provide critical financial support to a wide-range of businesses experiencing flood emergencies and continues to be a RIMS legislative priority. The NFIP was the focus of the Society’s 2018 Legislative Summit held in October in Washington, DC. Additionally, this November, RIMS signed a joint letter with other insurance, real estate and banking organizations, urging Congress to take immediate action to avoid a lapse in the program.
RIMS’ Political Action Committee (RISK PAC) has been soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit www.riskpac.org.