Yesterday, the American Bankers Insurance Association and the ABA wrote to Congress to support legislation intended to increase the availability of private flood insurance. The companion bills -- S. 2381 and H.R. 4558 -- would build on affordability-related reforms to the Biggert-Waters flood insurance law passed earlier this year.
“Providing consumers with alternatives to the National Flood Insurance Program
and driving down flood insurance prices through greater competition is one way
to ensure greater protection for consumers against flood damages in the
mortgage markets; it is also a significant contribution to the goal of
returning the NFIP to more robust fiscal health,” ABA and ABIA said.
Read the letter.
For more information, please contact Kevin McKechnie.