In his letter, Heller urges the consideration of measures to help more Nevadans gain access to flood insurance and protect
The letter reads in full:
Chair, Senate Banking, Housing, and Urban Affairs Committee
Ranking Member, Senate Banking, Housing, and Urban Affairs Committee
I appreciate the bipartisan discussions both of you have started to reauthorize the National Flood Insurance Program (NFIP). Right now, major changes are occurring with the emergence of a growing private flood insurance market. We have a unique opportunity to help more Americans have more access to affordable and sound flood insurance coverage and to put more NFIP financial risks on the private sector and not on
First, I would urge you to consider S.563, the Flood Insurance Market Parity and Modernization Act. This is legislation that
Additionally, I would encourage you to eliminate current non-compete rules that prevent companies that write flood policies though the NFIP Write Your Own Program from also selling flood insurance policies outside of the NFIP. This would be an important reform that would provide more flood insurance options to consumers to help meet their specific demands.
A final priority should be to encourage the NFIP program to secure more reinsurance. Earlier this year, the
This is a good start to putting the NFIP on better footing in the future and putting risk on the private market instead of potentially on
I appreciate your consideration of my suggestions and look forward to working with you on future legislation.
Read this original document at: https://www.heller.senate.gov/public/index.cfm/pressreleases?ID=859A1274-2DE3-485E-8661-4E7906F8B9B7