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Thursday, November 20, 2014

ABA, ABIA Support Private Flood Insurance

ABA and its American Bankers Insurance Association subsidiary submitted a statement to the House Financial Services Committee, detailing the effects that the 2012 Biggert-Waters flood insurance reform law has had on the market.

The statement read:

Congress made clear that private flood insurance should be an available alternative to the NFIP. Efforts to provide clarity, such as the passage of Section 100239 of the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012, have become hopelessly bogged down in implementation and have inadvertently acted to reduce private sector involvement rather than promote it.

Read the statement.

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