Search
 

President Bush Signs Flood Insurance Bill

WASHINGTON - President George W. Bush signed into law on June 30 the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 (S. 2238) that reauthorizes the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA) through 2008. The measure is effective immediately. Reforms in the law will...

By Staff Writer | Updated on July 06, 2004

WASHINGTON – President George W. Bush signed into law on June 30 the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 (S. 2238) that reauthorizes the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA) through 2008. The measure is effective immediately. Reforms in the law will address the problem of reoccurring loss properties through flood mitigation. The law authorizes the launch of a pilot program that will require people to either accept mitigation assistance or face significantly higher premiums. Owners who refuse assistance will no longer be eligible for subsidized flood insurance far below the actuarial risk rate they should be paying. Flood insurance is required by law in flood areas in various states to obtain a mortgage, which is why credit unions were interested in the legislation. FEMA estimates that repetitive loss properties cost NFIP $200 million annually.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.