House, Senate Must Work Out Differences in Flood Insurance Bills
In an issue of concern to major insurers, such as Allstate Corp and State Farm, the Senate approved renewing the National Flood Insurance Program. It voted last week against adding wind damage coverage to the program.
The House last year also voted to extend the program, but added wind coverage, and refused to forgive the debt. Negotiators from both chambers must now work out stark differences in a compromise bill to send to President Bush for his signature.
Bush has threatened to veto the House bill. The insurance industry opposes adding wind coverage to the program.
(Reporting by Kevin Drawbaugh; editing by Jeffrey Benkoe)
- Prudential to Wind Down Direct-to-Consumer Assurance Business
- Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court