Private Flood Insurance Market Development Act of 2017

Bill 115 hr 1422, also known as the Private Flood Insurance Market Development Act of 2017, aims to encourage the development of a private market for flood insurance in the United States. The bill was introduced in the House of Representatives on March 8, 2017, by Representative Dennis Ross of Florida.

The main purpose of the bill is to provide an alternative to the National Flood Insurance Program (NFIP), which is currently the primary source of flood insurance for homeowners in the US. The NFIP has faced financial challenges in recent years, leading to concerns about its long-term sustainability.

The Private Flood Insurance Market Development Act of 2017 seeks to address these concerns by allowing private insurers to offer flood insurance policies that meet certain criteria established by the Federal Emergency Management Agency (FEMA). These criteria include requirements for coverage levels, pricing, and claims handling procedures. The bill also includes provisions to ensure that policyholders have access to accurate information about flood risk and insurance options. It requires insurers to disclose whether a policy meets FEMA's criteria for coverage and to provide information about the availability of NFIP coverage. Additionally, the bill includes measures to protect consumers from unfair practices by insurers, such as requiring insurers to comply with state insurance laws and regulations. Overall, the Private Flood Insurance Market Development Act of 2017 aims to promote competition in the flood insurance market, improve consumer choice, and reduce the financial burden on taxpayers by encouraging the development of a private market for flood insurance in the US.