American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Government News

President Signs Flood Insurance Bill

June 30, 2004

President Bush has signed into law S. 2238, The Flood Insurance Reform Act of 2004. The measure will become effective immediately.
Related Links:
S. 2238, The Flood Insurance Reform Act of 2004 [pdf]

Sponsored by Rep. Doug Bereuter (NE) and Rep. Earl Blumenauer (OR), S. 2238 reauthorizes the National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA), through 2008. The Act passed the House on June 21, under suspension of the rules by voice vote.

Reforms in the law will address the problem of repetitive loss properties through flood mitigation. The law authorizes the launch of a pilot program that will require people to either accept mitigation assistance or face significantly higher premiums. Owners who refuse assistance will no longer be eligible for subsidized flood insurance far below the actuarial risk rate they should be paying. Over time, as mitigation offers change the nature of repetitive loss properties, the NFIP is expected to save a significant amount of money, since FEMA estimates that these properties alone cost the program $200 million annually.

House Financial Services Committee Chairman Michael G. Oxley (OH) said, “The reforms set out in this law fortify the original intent of the NFIP while preventing unacceptable expenses for the taxpayers." Oxley continued, “This law is the result of a lot of hard work and a great bipartisan effort. Congressmen Bereuter and Blumenauer are to be congratulated both for the years of work they put into this legislation and for saving the taxpayers’ money. From the beginning, it was clear on both sides of the aisle that crafting the best solution was a priority. I commend Ranking Member Barney Frank (MA) and my colleagues in the House for coming together to preserve this valuable program."

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment