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With the House Financial Services Committee’s passage of H.R. 2901, the Flood Insurance Market Parity and Modernization Act, there is optimism that the industry-supported measure has a good chance to become law, and perhaps sooner rather than later.

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. Tom Glassic, vice president of policy and government relations for the Chicago-based Property Casualty Insurers Association of America, says when BW-12 was originally reported out of the House, it specified that lenders shall accept private Flood insurance for mandatory purchases.

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