ABA, ABIA Welcome Private Flood Insurance Bills

ABA and its American Bankers Insurance Association subsidiary yesterday welcomed a pair of bipartisan bills, S. 1679 and H.R. 2901, that would help develop a competitive private marketplace as an alternative to the National Flood Insurance Program. The bills would amend federal laws to make private flood insurance a choice when flood insurance is mandated.

“Providing consumers with alternatives to the 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,” the groups said. “It is also a significant contribution to the goal of returning the NFIP to more robust fiscal health.”

ABA and ABIA thanked the sponsors — Sens. Dean Heller (R-Nev.) and Jon Tester (D-Mont.) and Reps. Dennis Ross (R-Fla.) and Patrick Murphy (D-Fla.) — and emphasized that their bills would build on flood insurance affordability efforts in recent years.