RAA Supports Legislation that Encourages Private Flood Insurance Market

WASHINGTON, May 5 -- The Reinsurance Association of America issued the following news release:

The Reinsurance Association of America endorses legislation introduced by Rep. Dennis Ross (R-FL), and co-sponsored by Rep. Patrick Murphy (D-FL), that would cut excessive federal insurance regulations and give states the authority to create a robust private flood insurance market. The bill, "The Flood Insurance Market Parity and Modernization Act of 2014," would give states the authority and flexibility to license and regulate flood insurers, while removing "one size fits all" federal restrictions that inhibit private flood insurance coverage.

Frank Nutter, president of the RAA, commented, "This legislation is a win-win for homeowners. The private market has an appetite and interest in underwriting flood risk. Rep. Ross' legislation will provide homeowners with more options in terms of pricing and coverage, and additionally, reduce the federal government's role in providing flood insurance through the National Flood Insurance Program."

Mr. Nutter went on to say, "The RAA looks forward to working with Rep. Ross to advance this legislation in the House of Representatives."

[Category: Insurance]

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