Two bills seek to expand flood insurance policy writing to private carriers

AEC firms and their developer clients should be watching the progress of two bills wending their way through Congress that, if passed, could become important first steps toward opening the writing of flood insurance policies to private-sector carriers.

The U.S. House of Representatives recently passed HR 2901, the Flood Insurance Market Parity and Modernization Act of 2015, on a vote of 419-0. The U.S. Senate is currently reviewing similar legislation, SB 1679, on which it is expected to vote this summer.