Ross Makes Headway With Legislation to Lower Cost of Flood Insurance Policies

Washington, D.C. – January 15, 2015 – (RealEstateRama) — U.S. Rep. Dennis A. Ross (FL-15), Senior Deputy Majority Whip, released the following statement after showcasing his legislation, H.R. 2901, that helps provide homeowners additional flood insurance options and lowers the cost of flood insurance policies during multiple House Financial Services Committee hearings this week:

“Since joining the House Financial Services Committee, I have urged my colleagues to work with me to address the shortcomings of the current government flood insurance model known as the National Flood Insurance Program (NFIP). This week, we held the first of a series of important hearings to examine the problems with this federal program, and to explore solutions that benefit homeowners. Floridians and Americans across the country would greatly benefit from more choices when it comes to flood insurance policies, and private competition in this market will lead to greater innovation and more affordable and comprehensive policies for consumers. I have introduced H.R. 2901, the Flood Insurance Market Parity and Modernization Act, to remove unreasonable regulatory barriers that are hindering consumers’ flood insurance options, and I am urging my colleagues to join me in enacting this commonsense bipartisan legislation that will create more affordable options for homeowners.”  

The Flood Insurance Market Parity and Modernization Act would encourage the development of a robust flood insurance market by removing federal limitations and allowing private insurers to work directly with their state insurance commissioners to write policies that work for their customers’ pricing and coverage needs.

Ross participated in the Jan. 12 and 13 Housing and Insurance Subcommittee hearings and questioned multiple witnesses who agreed allowing more private flood insurance companies to compete within the market will drive down costs and benefit consumers. Among these witnesses were Patty Templeton-Jones, Executive Vice President of Wright National Flood Insurance Services; Teresa D. Miller, Commissioner of the Pennsylvania State Insurance Department; and Brady Kelley, Executive Director of the National Association of Professional Surplus Lines Offices.

Ross introduced H.R. 2901 in June 2015, and this bipartisan legislation is currently under review by the House Financial Services Committee. The bill is being strongly led by the Florida delegation, and is supported by Members from all across the country. Many regulators and trade organizations have also supported the bill, including the National Association of Insurance Commissioners, the American Bankers Association and the National Association of REALTORS. Additionally, State Insurance Commissioners Kevin McCarty (Fla.) and Teresa Miller (Penn.) sent letters of support, emphasizing that removing redundant NFIP federal restrictions would benefit consumers.

For a full list of organizations and leaders supporting H.R. 2901, please click here.

Video clips of this week’s hearings may be found below:

Rep. Ross – Tuesday FI Subcommittee Hearing 

Rep. Ross – Wednesday FI Subcommittee Hearing 

Joni Shockey (202-503-8755)

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