Proposed Bill Calls For Private Carriers In Flood Insurance Market

A bill before the United States House of Representatives would "encourage the development of a robust private flood insurance market", says an American politician who sponsored that bill, but one advocate warns that if the bill is passed into law, the nation’s National Flood Insurance Program could be "stuck with the worst and most risky claims." The Flood Insurance Market Parity and Modernization Act was passed March 2 by the Financial Services Committee of the House of Representatives. It has yet go to a vote before the full House or before the Senate.