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Thursday, April 28, 2016

House of Reps Pass H.R. 2901, "The Flood Insurance Market Parity and Modernization Act"

This afternoon, the House of Representatives passed "H.R. 2901 “The Flood Insurance Market Parity and Modernization Act” by a vote of 419-0. The bill will now be sent to the Senate for consideration.

Regulatory hurdles have for too long prevented real competition in the flood insurance market. H.R. 2901, legislation introduced by Representatives Dennis Ross and Patrick Murphy of Florida, is important legislation that seeks to clarify that private insurance is to be treated the same as federal flood insurance in cases where homeowners with federally-backed mortgages are required to buy the coverage. This bipartisan legislation will ensure that borrowers have more options to buy private flood insurance and will make flood insurance more affordable and more broadly available.

ABIA strongly supports the goals of this legislation and urges passage in the Senate.

The ABIA has a Flood Insurance Working Group that meets monthly to discuss current legislative and regulatory issues pertaining to flood insurance. If you are interested in joining, please contact Sarah Ferman.