National Association of Professional Insurance Agents Supports Bipartisan Waters-McHenry Bill to Reform, Reauthorize National Flood Insurance Program

WASHINGTON, June 10 -- The National Association of Professional Insurance Agents issued the following news release:

The National Association of Professional Insurance Agents (PIA National) today announced its support of bipartisan legislation to reform and reauthorize for five years the National Flood Insurance Program (NFIP). The compromise bill was released June 6 by House Financial Services Committee Chairwoman Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC).

"This bipartisan bill includes many of the priorities PIA National has been advocating for," said PIA National vice president of government relations Jon Gentile. "It preserves the critical role of the independent agent; provides continuous coverage protections to policyholders who leave the NFIP to purchase a private flood policy and return to the program; makes critical investments in mitigation; and increases funds for mapping."

In addition, Gentile said the bill maintains "the gradual implementation of actuarially sound rates."

"PIA supports this bill," Gentile said, adding that PIA National will oppose any amendments that would negatively affect the ability of agents to earn fair compensation for the expertise they provide to consumers to identify and purchase appropriate flood coverage through the NFIP. A markup of the legislation could come as early as this week in the Financial Services Committee.

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM.PIA's web address is www.pianet.com.