The Reinsurance Association of America is voicing strong support for legislation being considered by the Florida legislature aimed at encouraging insurers to offer private alternatives to covering flood risk.
The Florida bill, introduced in the state Senate by Sen. Jeff Brandes, R-St. Petersburg, authorizes insurers to write policies, contracts and endorsements for flood insurance coverage with minimums that match the requirements set by Fannie Mae and Freddie Mac for conforming mortgage loans, according to R. J. Lehmann, a senior fellow at the R Street Institute.
R Street Florida Director Christian Cámara says Rep. Larry Ahern, R-Seminole, has announced plans to introduce companion legislation in the state House in the coming weeks.
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