- Associated Press - Tuesday, April 15, 2014

JACKSON, Miss. (AP) - The Mississippi Department of Insurance will drop a lawsuit filed in 2013 against the National Flood Insurance Program.

The lawsuit, filed in federal court in Jackson, sought to block flood insurance rates from increasing Oct. 1.

State Insurance Commissioner Mike Chaney said at the time some customers could see their rates rise by more than 3,000 percent because of a 2012 federal law.

On Monday, Chaney announced the state will drop the lawsuit with Federal Emergency Management Agency’s implementation of a new law passed by Congress meant to alleviate some of the dramatic rate increases facing Mississippi homeowners.

Chaney says his staff monitor FEMA’s implementation of the law over the next several months.