The American Bankers Insurance Association and the American Bankers Association submitted testimony for the record in Wednesday’s hearing in the House Financial Services Committee’s Insurance Subcommittee on the private flood insurance bill sponsored by Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL). The bill would create a private flood insurance market by allowing borrowers to buy private flood policies that would satisfy the “Mandatory Purchase Requirements” of the Flood Disaster Protection Act of 1973.
The bill, HR 4558 , the Flood Insurance Market Parity and Modernization Act of 2014, will be debated, is strongly supported by ABA and ABIA members.
Read the full testimony.
For more information, contact ABIA's Kevin McKechnie.