In the wake of an impending NFIP expiration, Senators Cassidy and Kennedy (R-LA) have introduced S.1015, which would extend NFIP until December 31, 2026.  NACo and GNO, Inc. support this bill.  In the bill’s accompanying press release, Michael Hecht, President & CEO of GNO, Inc., commented, “Rather than experiencing a 33rd short-term extension, NFIP policyholders deserve certainty, and NFIP as a program requires stability. A two-year reauthorization will provide a runway for Congress and stakeholders to hold conversations and hearings around catastrophic insurance and towards highly-demanded comprehensive NFIP reform, like a means-tested benefit for affordability, a third-party review of the Risk Rating 2.0 methodology, and proper incentivization of flood risk mitigation.”

Senator Cassidy took to the Senate floor this week to underscore the need for a longer-term reauthorization.  Sen. Cassidy stated, “I am working to secure an even longer reauthorization so that NFIP is not thrown into legal purgatory every year—or even multiple times a year. Today, I introduced a bill to fully reauthorize NFIP for this year and next year.  We need to make flood insurance affordable again—and I will keep working to do that—but first, let’s make sure it survives the weekend.”  Sen. Kennedy remarked, “I’m proud to help introduce this bill to give our state and millions of Americans reassurance that the program they depend on will stay in place while Congress works to improve it.”  Sens. Kennedy and Mike Rounds (R-SD) have been tasked by Senate Banking Chair Tim Scott (R-NC) to lead the Addressing America’s National Flood Insurance Program Working Group.