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Monday, June 22, 2015

ABIA and ABA Issue Letter of Support for Flood Insurance Legislation

Today, the American Bankers Association and its insurance subsidiary, the American Bankers Insurance Association (ABIA), issued a letter of support to Congress in support of S. 2381 and H.R 4558, the Flood Insurance Market Parity and Modernization Act.  The ABA and ABIA have long supported both legislative and regulatory efforts to ensure that private flood insurance policies are more readily available as an alternative to the NFIP. 

Providing consumers with alternatives to the National Flood Insurance Program (NFIP) 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.

Read letter.