Reps. Dennis Ross (R-Fla.) and Kathy Castor (D-Fla.) today introduced a bipartisan, American Bankers Association-backed bill to promote the development of a robust private flood insurance market to compete with the National Flood Insurance Program. Sens. Jon Tester (D-Mont.) and Dean Heller (R-Nev.) are expected to introduce a companion bill in the Senate soon.
A similar bill cleared the House Financial Services Committee and the full House last year on a bipartisan basis. It revisits the narrow definition of what qualifies as private flood insurance under the 2012 Biggert-Waters law, thus expanding state regulators’ flexibility to license private flood insurance products.