NFIP Bill receives backing from IIABA

Act means that policyholders can potentially gain private coverage without penalty

NFIP Bill receives backing from IIABA

Catastrophe & Flood

By Will Koblensky

The Senate’s reintroduction of the “Flood Insurance Market Parity and Modernization Act” has been hailed by The Independent Insurance Agents & Brokers of America (IIABA).

The act allows policyholders to obtain private coverage, by satisfying the NFIP’s continuous coverage requirements, without penalty.

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”The Big ‘I’ thanks Sens. Heller and Tester and Reps. Ross and Castor for introducing this important legislation that clarifies that having an active flood insurance policy, whether through the NFIP or through the private market, should be considered continuous coverage for purposes of NFIP rating requirements,” said Charles Symington, IIABA senior vice president of external and government affairs.

“The Big ‘I’ supports the gradual development of a private market as a complement to the NFIP, and this legislation is of vital importance to that goal.”

The bipartisan effort was brought forward by Senators Dean Heller (R-Nevada) and Jon Tester (D-Montana) and Reps. Dennis Ross (R-Florida) and Kathy Castor (D-Florida). 

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“(IIABA) supports a reformed NFIP and slowly increasing private market involvement; however, (in the absence of) a viable private market alternative for policyholders, the association will continue to advocate for a timely reauthorization of the NFIP ahead of its expiration on September 30, 2017,” Symington added.

“(IIABA) is also working to ensure that any changes to the NFIP recognize the important role of agents in helping consumers make informed decisions about the purchase of NFIP policies for their homes and businesses.”


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