PIA Top Priority Private Flood Insurance Bill Introduced

WASHINGTON, March 8 -- The National Association of Professional Insurance Agents issued the following news release:

The National Association of Professional Insurance Agents (PIA) thanks Congressmen Dennis Ross (R-FL), Kathy Castor (D-FL) and Senators Dean Heller (R-NV) and Jon Tester (D-MT) for today introducing the Flood Insurance Market Parity and Modernization Act.

"This legislation, a top priority for PIA in 2017, 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 for their leadership on this important issue. PIA members from around the country will be in town next month for our Federal Legislative Summit asking members to support this measure," Gentile said.

The bill will expand flood insurance options for consumers by clarifying the definition of a private flood insurance policy as that which provides flood insurance coverage issued by an insurance company that is licensed and approved by the state insurance regulator. "It ensures that private flood insurance can be used to satisfy the National Flood Insurance Program 's (NFIP's) continuous coverage requirement, an essential aspect of ensuring policyholders are not penalized for moving from one policy to another," Gentile said.

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 such as this. In addition, PIA supports the long-term reauthorization of the NFIP when it comes up for renewal later in 2017.

"PIA will strongly advocate for this measure to be a centerpiece of the reauthorization of the National Flood Insurance Program," said Gentile.

[Category: Insurance]

11A-Kumar-5798576 11A-Kumar