A group of eight Republican senators on Friday called on financial regulators to adopt a rule that would provide clear parameters for broad acceptance of private flood insurance. The rule should “[mandate] the acceptance of flood insurance provided by private insurers as satisfaction of the flood insurance coverage requirement to at least the extent contemplated” by the Flood Insurance Market Parity and Modernization Act — a bipartisan, ABA-supported bill introduced by Sens. Dean Heller (R-Nev.) and Jon Tester (D-Mont.) — the senators said.
The lawmakers raised concerns that more than six years have passed without a final rule, and that a 2016 proposed rule raised several obstacles for private flood insurance. “It does little good to homeowners and taxpayers if private insurance is ‘accepted’ but not truly on an even playing field,” they said.