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ISSUED 1/17/2003 FOR IMMEDIATE RELEASE

DEPARTMENT INFORMS INSURERS AND CONSUMERS OF NATIONAL FLOOD INSURANCE PROGRAM REAUTHORIZATION

Homeowners, Prospective Homebuyers And Business Owners Now Have the Certainty They Need

Superintendent of Insurance Gregory V. Serio today announced that the 108th Congress has passed the National Flood Insurance Program (NFIP) Reauthorization Act of 2003, extending the authority to issue NFIP policies through December 31, 2003, retroactive to December 31, 2002. President Bush signed the bill into law on January 13, 2003.

According to the Federal Emergency Management Agency the reauthorization means that insurance companies may now resume processing all flood insurance applications, renewals and requests for increased coverage received during the program's hiatus. In addition, insurers, can also deposit premiums and assign an effective date to coverage, as if there had been no hiatus and the adjustment of any claims that have been put on hold should proceed without further delay.

For information about flood insurance and additional information consumers can contact the NFIP at 1-888-CALL-FLOOD or on their web site at www.fema.gov/nfip.

Department of Financial Services

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