White House budget request seeks NFIP borrowing cap of $30.4B

12/10/2012 | PropertyCasualty360

The Obama administration has sent Congress a supplemental budget request in light of Hurricane Sandy. The request also seeks to raise the National Flood Insurance Program's borrowing authority to $30.4 billion, a 50% increase. "I think [the borrowing-cap increase] is an adequate amount for existing losses and potential losses. It also provides a small cushion for future events," said Mississippi Insurance Commissioner Michael Chaney, who heads the National Association of Insurance Commissioners' working group on flood insurance.

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