This week, the Big “I” sent a letter to Congress urging swift consideration of legislation that would clarify that a private flood policy can satisfy the mandatory purchase requirement for flood insurance under NFIP terms.

The letter outlines the association’s support for S.1679 and H.R. 2901, the “Flood Insurance Market Parity Act,” introduced by Sens. David Vitter (R-Louisiana) and Jon Tester (D-Montana) in the Senate and Reps. Dennis Ross (R-Florida) and Patrick Murphy (D-Florida) in the House. The Big “I” has always supported the NFIP and believes that, to the extent possible, the private flood market can play a role in complementing the program.

For agents and the customers they serve, ensuring that policyholders will not lose their flood insurance subsidies or their grandfathered status if they decide to move their coverage from the NFIP to a private market policy and one day wish to return to the NFIP is vitally important. This language may also incentivize consumers to explore private market flood insurance coverage where warranted. Additionally, this legislation is important because mandating that state insurance regulators have the authority to determine what constitutes “acceptable” private market flood insurance helps provide additional clarity to the program.

As discussion begins on the 2017 reauthorization of the NFIP, the Big “I” will continue reminding Congress of the important role independent insurance agents and brokers play in efficiently and effectively servicing NFIP policies for their customers.

Jen McPhillips is Big “I” senior director of federal government affairs.