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Extension of National Flood Insurance Program Authorized

After being passed by the House and unanimously consented to by the Senate, President Obama signed measure HR 5569 (the "National Flood Insurance Program Extension Act of 2010) into law, retroactively reauthorizing the Federal Emergency Management Agency (FEMA) to enter into new contracts for flood insurance under the National Flood Insurance Program (NFIP) through September 30, 2010; and reducing FEMA's authority to borrow under the NFIP by $50mil to up to $20.725bil.

The effective date is retroactive to May 31, 2010, covering the period since the program lapsed. Policies may not be issued for applications and premiums received on or after June 1 and claims for covered losses can be processed.