President Barack Obama has signed the “Biggert-Waters Flood Insurance Reform and Modernization Act of 2012” into law, according to a story in the Insurance Journal. The law extends the National Flood Insurance Program (NFIP) for five years and makes reforms to the program.
The Senate and House passed legislation in late June as part of a conference report package along with the Surface Transportation Act of 2012 and an extension of the Federal Direct Stafford Student Loan program.