FOR IMMEDIATE RELEASE
April 6, 2011
ABIA Media Contact: Sarah Marshall 
(202) 663-5468
E-mail: smarshal@aba.com

ABIA STATEMENT ON SUBCOMMITTEE PASSAGE OF FLOOD
INSURANCE REFORM ACT OF 2011
By Kevin McKechnie, executive director, ABIA

          “The American Bankers Insurance Association applauds the passage of the Flood Insurance Reform Act of 2011 (H.R. 1309) by the House Subcommittee on Insurance, Housing and Community Opportunity today.
 
          “The bill reauthorizes the National Flood Insurance Program for five years and also makes needed reforms to the program.
 
“Since 1968 nearly 20,000 communities across the United States and its territories have participated in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage. In exchange, the NFIP makes federally backed flood insurance available to homeowners, renters, and business owners in these communities.
 
          “The NFIP’s authorization has been subject to short term extensions in recent years, and has, at times, been allowed to lapse before being re-authorized retroactively. Such lapses create procedural and compliance difficulties for lenders and unnecessarily delay borrowers seeking to purchase homes.
 
          “We look forward to working with the whole committee as the legislative process moves forward.”

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The American Bankers Insurance Association (ABIA) is the separately chartered insurance affiliate of the American Bankers Association (ABA) and is the only Washington, D.C.-based full service association for bank insurance interests. The ABIA’s mission is to develop policy and provide advocacy for banks in insurance and to support bank insurance operations through research, education, compliance-assistance and peer group networking opportunities. ABIA Membership consists of banks, and their affiliated agencies, insurance companies, marketing, and administrative services suppliers, non-bank lending organizations and other firms involved in the bank affiliated insurance industry. Additional information on the ABIA can be found on the Internet at www.theabia.com.