You are here:HomeIssuesFlood Insurance2015Private Flood Legislation Introduced in Congress

Private Flood Legislation Introduced in Congress

On June 25, the "Flood Insurance Market Parity and Modernization Act" was introduced in the U.S. Senate by Senators Dean Heller (R-NV) and Jon Tester (D-MT) and in the U.S. House of Representatives by Representatives Patrick Murphy (D-FL-18) and Dennis Ross (R-FL-15)...
June 30, 2015

On June 25, the "Flood Insurance Market Parity and Modernization Act" was introduced in the U.S. Senate by Senators Dean Heller (R-NV) and Jon Tester (D-MT) and in the U.S. House of Representatives by Representatives Patrick Murphy (D-FL-18) and Dennis Ross (R-FL-15). The bipartisan legislation seeks to encourage the development of a private flood insurance market with strong consumer protections being overseen by state insurance regulators. "When it comes to affordable flood insurance, customers should have more options. Our bill will make important clarifications to the flood insurance market to encourage more private sector participation and better protect consumers," said Sen. Tester in a press release.

While PIA opposes outright privatization of the National Flood Insurance Program (NFIP), PIA supports sensible solutions for growing the private flood insurance market. Prior to introduction of the legislation, PIA worked with interested parties to ensure that private flood insurance could be used to satisfy NFIP continuous coverage requirements.

Filed under: