NAPSLO is pleased to support the Flood
Insurance Market Parity and Modernization Act of 2014 (HR
4558),
sponsored by Rep. Dennis Ross (R-FL) and Rep. Patrick Murphy (D-FL) and S. 2381,
sponsored by Sen. Dean Heller (R-NV) and Sen. Jon Tester (D-MT). If passed,
this critical legislation revises the federal definition of private flood
insurance to ensure surplus lines insurers are eligible to provide private
market solutions to consumers in need of solutions to unique and complex flood
risks.
Although nonadmitted insurance companies are
currently allowed to provide private flood insurance, revising the definition
of private flood insurance to clarify their eligibility to provide insurance in
the insured’s home state, in accordance with the Nonadmitted and Reinsurance
Reform Act of 2010, ensures policyholders access to high-quality nonadmitted
market alternatives.
Earlier this year, Sen. Heller introduced a similar
amendment during the flood debate
of S. 1296, the Homeowner Flood Insurance Affordability Act. NAPSLO provided
extensive input and education on that Amendment. Although it was narrowly
defeated 50-49 in the Senate, and was not ultimately included in the final
version of the House bill that passed as the same Act, an up swell of support
for the Amendment developed in both Chambers, especially by the new stand-alone
bills’ sponsors.
NAPSLO met with Representative Ross and Senator
Heller, as well as Senator Tester’s office, in Washington, D.C. during our May Legislative
Fly-In to urge support for this much needed legislation. We applaud all four Members
of Congress on their introduction of this common-sense legislation and look
forward to providing support as the bill moves through the legislative process.
