WASHINGTON, April 28, 2016 /PRNewswire-USNewswire/ -- The National Association of Professional Insurance Agents (PIA) commends the House of Representatives for passing the Flood Insurance Market Parity and Modernization Act (H.R. 2901), in an overwhelmingly bipartisan 419-0 vote on April 28.
"This legislation seeks to encourage the development of a private flood insurance market, with strong consumer protections being overseen by state insurance regulators," said PIA National Vice President of Government Relations Jon Gentile. "We thank the bill's sponsors Reps. Dennis Ross (R-FL) and Patrick Murphy (D-FL) for their leadership on this important issue." A companion bill, S. 1679, introduced by Senator Dean Heller (R-NV), awaits action in the Senate. "PIA members from around the country were just in town for our Federal Legislative Summit asking members to support this measure. We are pleased Congress heard the voices of their constituents," Gentile said.
The bill will expand flood insurance options for consumers by clarifying the definition of a private flood insurance policy as that which provides flood insurance coverage issued by an insurance company that is licensed and approved by the state insurance regulator. "It ensures that private flood insurance can be used to satisfy the National Flood Insurance Program 's (NFIP's) continuous coverage requirement, an essential aspect of ensuring policyholders are not penalized for moving from one policy to another," Gentile said.
PIA opposes the immediate privatization of the National Flood Insurance Program (NFIP), but supports sensible solutions for encouraging the growth of the private flood insurance market with measures like H.R. 2901. In addition, PIA supports the long-term reauthorization of the NFIP when it comes up for renewal in 2017. Encouraging the private flood insurance market is a good first step that we hope to see accomplished this year, understanding that, at present and in the near future, the private market is not a realistic replacement for the NFIP.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA's web address is www.pianet.com.
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SOURCE National Association of Professional Insurance Agents