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.
The Flood Insurance Market Parity and Modernization Act defines private flood insurance as “a policy issued by a company licensed, admitted, or otherwise approved by the state.”
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