Last week, McIntyre & Lemon, LLC submitted a letter on behalf of the American Bankers Insurance Association (ABIA) urging the NAIC to support policies that help develop a private market for flood insurance. The ABIA and its parent, the American Bankers Association (ABA), believe that a private market for flood insurance should be a fundamental objective as part of the NFIP’s reauthorization.
ABA and ABIA support legislation introduced in Congress – H.R. 2901 (Rep. Ross (R-FL)) and S. 1679 (Sen. Heller (R-NV)) that would do away with the requirement that private flood insurance provide coverage that is at least as broad as the coverage provided under a NFIP policy; instead, the policy would only have to comply with the law of the State in which the secured building is located, which would leave the determination with the State insurance regulator as part of form and rate filings. The ABIA asks the NAIC to support these bills in connection with reauthorization of the NFIP.
Read the letter.