After seeing such broad support in the House, it seemed only a matter of time before the Flood Insurance Market Parity and Modernization Act would pass the Senate and become law. For National Association of Professional Surplus Lines Offices (NAPSLO) officials, though, the work continues to push what they see as their top federal legislative priority across the finish line.

The bill essentially clarifies language in the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) regarding the ability of privately issued flood insurance to meet lenders’ mandatory purchase requirements. When BW-12 was originally reported out of the House, it specified that lenders shall accept private flood insurance for mandatory purchases. However, language added later in the process before BW-12 was passed led to confusion among lenders evaluating policies for the purpose of mandatory flood insurance requirements.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.