Big "I" Government Affairs Update:
Flood Insurance & COBRA Subsidy Temporarily Expired
FROM: Charles Symington, SVP Government Affairs; John Prible, VP Federal Government Affairs, Lauren Cialone, Senior Director Federal Government Affairs; and Jen McPhillips, Senior Director, Political Affairs
As expected and as referenced in previous Government Affairs Updates, the flood insurance program and COBRA subsidy (along with a number of non insurance-related programs) have officially expired as of Sunday, Feb 28. The House and Senate are in the process of determining how best to extend these programs as soon as possible, but the Senate in particular continues to be held up by the objections of Senator Jim Bunning (R-KY). At this time we continue to be told by Members that Congress will complete an extension of these programs by the end of the week and that the extensions will be retroactive to Feb. 28. In the case of flood insurance, the expiration means that there can be no new policies or renewals until an extension is passed. Companies have, however, been directed to continue to pay all claims for policies in force.
We will let you know as soon as Congress moves to extend these very important programs.
Click here for the detailed bulletin from FEMA on how to handle the expiration.
