Bill > S2053

This bill aims to modify the National Flood Insurance Act of 1968 to prohibit the Federal Emergency Management Agency (FEMA) from restricting Write Your Own (WYO) companies from selling private flood insurance products. Under the current WYO Program, private insurance companies work with FEMA to sell flood insurance and process claims. The bill specifically prevents FEMA from imposing any non-compete restrictions on WYO participants, meaning these companies can now offer private flood insurance alongside their National Flood Insurance Program (NFIP) products without penalty or limitation. By removing these restrictions, the bill seeks to increase competition in the flood insurance market, potentially providing consumers with more insurance options and potentially more competitive pricing. The legislation defines the WYO Program as an arrangement where insurance companies sell flood insurance under their own business lines and adjust related claims, and it explicitly states that participation in the program cannot be conditioned on refraining from selling private flood insurance. This change is designed to give insurance companies more flexibility in offering flood insurance products to consumers.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2053/all-info