NFIP Reauthorization Update
On September 30th, Congress passed a bipartisan Continuing Resolution to avert a government shutdown and extend the National Flood Insurance Program (NFIP) through November 17, 2023. The Continuing Resolution was signed by President Biden within hours of the approaching deadline.
FEMA, in anticipation of a possible lapse of the NFIP, issued an updated Bulletin (W-23012) to provide Write Your Own (WYO) and direct NFIP agents guidance on the impacts of an NFIP lapse. The updated Bulletin does not materially deviate from the Bulletin issued on December 2, 2022, apart from new language providing that in the event of a lapse in NFIP authority, payment of claims on existing policies would be limited to available funds in the NFIP and Reserve Fund.
Proctor Loan Protector will continue to monitor this topic and provide updates as they develop.