“It is important that consumers have choices when it comes to insurance coverage. Removing barriers to the development of a private market for flood insurance will help provide those options. The Market Parity and Modernization Act encourages new private market development as an alternative to the National Flood Insurance Program (NFIP) while maintaining strong consumer protections. We commend the House of Representatives for passing this bill, and thank Congressmen Dennis Ross (FL) and Patrick Murphy (FL) for their leadership. We encourage the Senate to act quickly to pass this bipartisan legislation.”
About the NAIC
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.