S. 2931: NFIP Extension Act

This bill, titled the NFIP Extension Act, proposes to extend the authorization of the National Flood Insurance Program (NFIP) by three years. Specifically, it aims to amend existing legislation concerning the NFIP by changing the expiration date of the program from September 30, 2023, to September 30, 2026. This extension ensures that the NFIP remains in operation, allowing property owners in flood-prone areas access to federally backed flood insurance.

Under the current laws stipulated in the National Flood Insurance Act of 1968, the program was set to expire in 2023. By reauthorizing the program, the bill also addresses certain sections regarding financing and program expiration dates to reflect the new expiration timeline.

The bill includes provisions for retroactive effective dates, ensuring that if the bill is passed after September 30, 2025, the changes will still be considered in effect as of that date. This is meant to provide continuity in flood insurance coverage for policyholders who rely on the NFIP.

In summary, the NFIP Extension Act is focused primarily on the reauthorization and continuation of the National Flood Insurance Program to secure flood insurance options for affected property owners through 2026.

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