YELLOW ALERT: U.S. House Passes Private Flood Insurance Legislation
The move is a major step forward on legislation that clarifies that flood policies purchased on the surplus lines market will satisfy lender flood requirements, thereby encouraging the development of a robust private flood insurance market that can offer homeowners options in terms of pricing and coverage. The legislation now moves to the Senate where we hope it will be considered soon. You can see a copy of the legislation here.
The Council strongly supports the legislation and is extremely grateful to Congressmen Dennis Ross (R-FL) and Patrick Murphy (D-FL), and Senators Dean Heller (R-NV) and Jon Tester (D-MT) for their critical leadership. As you know, this was a top issue lobbied by The Council at our Legislative Summit and we’re proud to have moved the needle on this, helping deliver Congressmen Ross and Murphy a big win.
The Council strongly supports increased private options in the flood market and hopes that this legislation marks the beginning of public policies designed to help develop private market alternatives for flood insurance as Congress considers reauthorization of the National Flood Insurance Program.
Many thanks to all of this year’s Legislative Summit participants who helped work this issue. As always, we’ll keep you posted on further developments.
Please contact Joel Wood at joel.wood@ciab.com or Joel Kopperud at joel.kopperud@ciab.com with any questions on these matters.