WASHINGTON, D.C. (PRWEB) April 28, 2016
Tom Santos, vice president for federal affairs for the American Insurance Association (AIA), commended the House’s passage of H.R. 2901 the Flood Insurance Market Parity and Modernization Act (FIPMA) today. Sponsored by Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL), FIPMA clarifies a provision from the Biggert-Waters Flood Insurance Reform Act of 2012 to allow private flood insurance to meet the mandatory purchase requirement of the National Flood Insurance Program (NFIP). The bill was passed by a vote of 419 to 0.
Mr. Santos’ statement follows:
“AIA commends the House for approving the Flood Insurance Market Parity and Modernization Act. Enactment of this bill will give consumers more choices when it comes to flood insurance. It will also help encourage development of a private flood insurance market to complement the NFIP.
“The overwhelming bipartisan vote by the House creates additional momentum as the bill moves to the Senate. Senators Dean Heller (R-NV) and Jon Tester (D-MT) have introduced the Senate companion, S.1679. AIA looks forward to working with members in both the House and Senate on a long-term reauthorization of the NFIP that includes the necessary reforms of ending subsidized rates and actuarial sound rates that reflect risk.”