Testimony to House Subcommittee on Housing & Insurance
R Street Senior Fellow Don Brown testified today before a House Financial Services Subcommittee on Housing & Insurance hearing on “Opportunities for a Private and Competitive Sustainable Flood Insurance Market.” The hearing focused on H.R. 4558, the Flood Insurance Market Parity and Modernization Act of 2014, introduced by Reps. Dennis Ross and Patrick Murphy. The bill would clarify that flood insurance offered by private carrier could satisfy mandatory purchase requirements in federal mortgage lending rules.Brown, a former Florida state legislator and longtime insurance agency owner, discussed emerging private options for flood insurance coverage and the dangers of proposals to lay protectionist taxes on offshore affiliate reinsurance transactions.