On an overwhelming vote of 419-0, the U.S. House of Representatives passed legislation that allows lenders to accept private flood insurance solutions from private insurers and qualified surplus line insurers to satisfy required purchase requirements for mortgages.
H.R. 2901 was sponsored by Rep. Dennis Ross (R-FL) and Rep. Patrick Murphy (D-FL). It is similar to S. 1679, a bill endorsed by Sen. Dean Heller (R-NV) and Sen. Jon Tester (D-MT), but with a few changes.
The National Association of Professional Surplus Lines Offices (NAPSLO) had expressed its support for the bill in the past. With the bill’s passage in the House, the association shared its enthusiasm and congratulated Reps. Ross and Murphy for sponsoring the bill in a press release.
The U.S. Senate is set to review H.R. 2901 for legislation. NAPSLO hopes that the Senate considers the modifications the House made when it deliberates on the bill.
