Flood Insurance Market Parity and Modernization Act of 2014

Flood Insurance Market Parity and Modernization Act of 2014 - Amends the Flood Disaster Protection Act of 1973 to redefine "private flood insurance" to include a policy issued by an insurance company that is eligible as a nonadmitted insurer to provide insurance in the state or jurisdiction where the property to be insured is located.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4558 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4558

To clarify the authority of States to regulate private flood insurance 
                               coverage.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2014

    Mr. Ross (for himself and Mr. Murphy of Florida) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To clarify the authority of States to regulate private flood insurance 
                               coverage.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flood Insurance Market Parity and 
Modernization Act of 2014''.

SEC. 2. AUTHORITY OF STATES TO REGULATE PRIVATE FLOOD INSURANCE.

    Paragraph (7) of section 102(b) of the Flood Disaster Protection 
Act of 1973 (42 U.S.C. 4012a(b)(7)) is amended to read as follows:
            ``(7) Private flood insurance defined.--In this subsection, 
        the term `private flood insurance' means an insurance policy 
        that--
                    ``(A) provides flood insurance coverage;
                    ``(B) is issued by an insurance company that is--
                            ``(i) licensed, admitted, or otherwise 
                        approved to engage in the business of insurance 
                        in the State or jurisdiction in which the 
                        insured building is located, by the insurance 
                        regulator of that State or jurisdiction; or
                            ``(ii) eligible as a nonadmitted insurer to 
                        provide insurance in the State or jurisdiction 
                        where the property to be insured is located, in 
                        accordance with sections 521 through 527 of the 
                        Dodd-Frank Wall Street Reform and Consumer 
                        Protection Act (15 U.S.C. 8201-6); and
                    ``(C) is issued by an insurance company that is not 
                otherwise disapproved as a surplus lines insurer by the 
                insurance regulator of the State or jurisdiction where 
                the property to be insured is located''.
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