Washington Report

Advocacy Updates from Washington D.C.

Private Flood Insurance Regulation

On November 7, 2016, several Federal agencies (including the Federal Reserve and FDIC) jointly proposed to ease their regulations of private flood insurance. NAR generally supports clarification so lenders may accept private market options in addition to the National Flood Insurance Program. While supportive of the overall approach, NAR urged the agencies to go further and adopt the Flood Insurance Market Modernization and Parity Act (HR 2901 by Reps. Ross (R-FL) and Murphy (D-FL)), which passed the House 419-0 but was not taken up by the Senate in the last session of Congress. The bill would maintain minimum federal coverage requirements for flood insurance but allow private flood insurance that is already regulated by state consumer protection laws.

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