Big “I” Applauds House Passage of Flood Market Parity Act
Legislation would ensure private policies will count as continuous coverage under NFIP terms.
WASHINGTON, D.C., April 28, 2016—The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today applauds the U.S. House of Representatives for passing H.R. 2901, the “Flood Insurance Market Parity and Modernization Act,” by Reps. Dennis Ross (R-Florida) and Patrick Murphy (D-Florida) by a 419-0 vote.
This bill clarifies that state regulators have authority over private flood insurance and ensures that policyholders can return to the National Flood Insurance Program (NFIP) without losing their grandfathered status or subsidy if they had previously left the program and obtained coverage in the private market and that coverage no longer meets their needs. This is an important safeguard for consumers.
“The Big “I” supports a long-term extension of the current NFIP and believes that the private market has a limited role to play as a complement, not a replacement, to the NFIP,” says Charles Symington, Big “I” senior vice president for external and government affairs. “This bill strikes the appropriate balance of private market involvement with the current program.”
H.R. 2901 will help provide more choices for consumers when they purchase flood coverage for their home or business as the legislation clarifies that a private flood policy can satisfy the mandatory purchase requirement for flood insurance.
”The Big ‘I’ thanks Reps. Ross and Murphy for their leadership on this important legislation and looks forward to working with Congress as they consider a full reauthorization of the NFIP ahead of its Sept. 30, 2017 expiration,” continues Symington. “We hope the Senate will consider its companion bill, S. 1679, “The Flood Insurance Market Parity Act,” by Sens. Dean Heller (R-Nevada) and Jon Tester (D-Montana) soon.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.