On President Bush Signing Flood Insurance Act
Release Date: November 22, 2005
Release Number: HQ-05-sta1
Tonight, President Bush signed legislation allowing the National Flood Insurance Program to borrow up to $18.5 billion to settle flood insurance claims during the unprecedented 2005 claims year.
Following is a statement from David I. Maurstad, Acting National Flood Insurance Administrator and Acting Director of FEMA's Mitigation Division in Washington, D.C.
"We're extremely pleased that Congress has passed and President Bush has signed legislation authorizing the National Flood insurance Program to borrow up to $18.5 billion to which will allow insurance companies to continue paying claims from the 2005 hurricane season.
"FEMA will be working to immediately to notify insurers that additional borrowing authority has been granted and that they should resume processing and paying claims as soon as possible.
"FEMA and the NFIP have a legal, ethical and moral obligation to ensure that every one of our policyholders with a covered damage claim is paid as quickly as possible. This additional authorization will allow us and our partners to continue living up to our part of the contracts we hold with our customers.
"In the coming weeks, FEMA will continue to work with lawmakers on securing additional borrowing authority, if needed, and will work with Congress as discussions continue strengthen the flood insurance program."
Last Modified: Tuesday, 22-Nov-2005 10:29:35