NU Online News Service, June 1, 2:36 p.m.EDT

Twenty-six trade groups involved in the sale, financing andinsuring of residential properties have signed a letter to theHouse leadership urging prompt action on legislation providing fora long-term reauthorization of the National Flood Insurance Program(NFIP).

The letter was sent just before Memorial Day to Speaker of theHouse John Boehner, R-Ohio, and Rep. Nancy Pelosi, D-Calif.,minority leader.

It asks them to schedule floor action on the legislation at "thefirst available opportunity."

Currently, industry officials believe the bill will be scheduledfor floor action next week or the week after.

That will leave the Senate with just a few legislative days toact on the legislation, and will place the bill on a crowdedlegislative agenda.

Moreover, no Senate committee has moved so far this year to dealwith the legislation.

The legislation is H.R. 1309, the Flood Insurance Reform Act of2011. It would reauthorize the program until Sept. 30, 2016 andwould reform and revise the existing program.

The letter notes that without further action, the NFIP willexpire Sept. 30. "More than 5.6 million policyholders depend on theNFIP as their main source of protection against flooding, the mostcommon natural disaster in the United States," the letter says.

It adds, "A long-term extension is necessary to providecertainty to recovering real estate, insurance and financialmarkets and every participant in the economy that the NFIPaffects—homeowners, small business owners, builders, real estateprofessionals, mortgage lenders, investors, insurance agents andinsurance companies."

Most trade groups representing the property and casualtyinsurance industry signed the letter, including underwriters andagents and brokers.

Also signing the letter were trade groups representing the titleinsurance industry, mortgage bankers, realtors, banks, creditunions, homebuilders, securitizers and owners of multifamilystructures.

The letter says that "the bill includes both a long-termreauthorization and important reforms that will optimize thecurrent program with important coverage and rate reforms, neededimprovements to the floodplain mapping and appeals processes, andother key reforms which would encourage program participation andput the NFIP back on the path to sound financial footing."