You are here:HomeNews CenterInsurance News2016A.M. Best Special Report Says Flood Bill’s Passage Would Boost Development of Private Market

A.M. Best Special Report Says Flood Bill’s Passage Would Boost Development of Private Market

A new A.M. Best special report says passage of pending legislation that would encourage more private insurers to write flood insurance would be a positive development...
June 1, 2016

A new A.M. Best special report says passage of pending legislation that would encourage more private insurers to write flood insurance would be a positive development. The Flood Insurance Market Parity and Modernization Act (H.R. 2901) passed on April 28 in the U.S. House of Representatives by an overwhelmingly bipartisan 419-0 vote. A companion bill (S. 1679) introduced by Senator Dean Heller (R-NV), awaits action in the Senate.

PIA supports sensible solutions for encouraging the growth of the private flood insurance market with measures like H.R. 2901. In addition, PIA supports the long-term reauthorization of the National Flood Insurance Program (NFIP) when it comes up for renewal in 2017. Encouraging the private flood insurance market is a good first step that we hope to see accomplished this year, understanding that, at present and in the near future, the private market is not a realistic replacement for the NFIP.

To access a copy of this special report, please visit:

http://www3.ambest.com/ambv/sales/bwpurchase.aspx?record_code=249607