White House wants to boost NFIP borrowing to $25B, sources say

11/16/2012 | PropertyCasualty360

The White House will urge Congress to give the National Flood Insurance Program an additional $4 billion in borrowing authority, for a total of $25 billion, sources said, in an effort to prevent a depletion of money and borrowing authority similar to what happened after Hurricane Katrina, PCI's Don Griffin said. Mississippi Insurance Commissioner Michael Chaney said Congress is unlikely to revisit the NFIP, but National Flood Services President and CEO Steve Harty said Congress must take action because NFIP "is not an entitlement program" but "a contract with the American people."

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