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PIA Lauds House for Passing Bipartisan Private Flood Insurance Bill

PIA commends the House of Representatives for passing the Flood Insurance Market Parity and Modernization Act (H.R. 2901), in an overwhelmingly bipartisan 419-0 vote on April 28...
May 4, 2016

PIA commends the House of Representatives for passing the Flood Insurance Market Parity and Modernization Act (H.R. 2901), in an overwhelmingly bipartisan 419-0 vote on April 28.

“This legislation seeks to encourage the development of a private flood insurance market, with strong consumer protections being overseen by state insurance regulators,” said PIA National Vice President of Government Relations Jon Gentile. “We thank the bill’s sponsors Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL) for their leadership on this important issue.” A companion bill, S. 1679, introduced by Senator Dean Heller (R-NV), awaits action in the Senate.

“PIA members from around the country were just in town for our Federal Legislative Summit asking members to support this measure. We are pleased Congress heard the voices of their constituents,” Gentile said.

In addition, PIA supports the long-term reauthorization of the NFIP when it comes up for renewal in 2017.  PIA opposes the immediate privatization of the National Flood Insurance Program (NFIP), but supports sensible solutions for encouraging the growth of the private flood insurance market with measures like H.R. 2901.

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.

See PIA’s comments in the National Underwriter/PC360 and Best’s News Service (subscription).

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