A demand by a House Financial Services subcommittee chairmanthat bank regulators move quickly to facilitate sale of privateflood insurance as an alternative to the National Flood InsuranceProgram is prompting a split in the insurance industry.
The letter by Rep. Randy Neugebauer, R-Texas, said that theprovision's intent “is to reaffirm and support pre-existingrequirements that lenders accept comparable private flood insurancepolicies.”
He said that, “I believe that once fully implemented, thisprovision will further encourage private-sector participation inthe flood insurance market and reduce the risk to which the U.S.taxpayer is currently exposed.
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