ALTA® Update: National Flood Insurance Program Reauthorization Act of 2003
January 13, 2003
In the opening days of the 108th Congress, Representative Mike Oxley (R-OH) introduced HR 11, the"National Flood Insurance Program Reauthorization Act of 2003" [pdf] , which reauthorizes the program and makes coverage retroactive to January 1, 2003. The bill has passed both the House and Senateand was signed by President Bush on September 13, 2003.
The 107th Congress had adjourned on November 22, 2002, without extending the statutory authority of the Federal Insurance and Mitigation Administration (FIMA), part of the Federal Emergency Management Agency (FEMA), to issue flood insurance policies under the National Flood Insurance Program (NFIP). FIMA's authority to issue policies expired on December 31, 2002. The Flood Disaster Protection Act of 1973, as amended, prohibits lenders from making or renewing loans in special flood hazard areas (SFHA).
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