Bill > HR5608

This bill aims to modify the National Flood Insurance Act of 1968 by removing restrictions that prevent Write Your Own (WYO) insurance companies from selling private flood insurance products alongside their National Flood Insurance Program (NFIP) offerings. Under the current system, WYO companies - which are private insurance companies that sell and service flood insurance policies on behalf of the Federal Emergency Management Agency (FEMA) - have been limited in their ability to offer competing private flood insurance products. The bill specifically prohibits FEMA from imposing any non-compete clauses that would prevent WYO companies from selling private flood insurance as a condition of their participation in the program. This means insurance companies can now offer both NFIP-backed flood insurance and their own private flood insurance products simultaneously, potentially increasing consumer choice and market competition. The legislation defines the WYO Program as an arrangement where private insurance companies sell flood insurance under their own business lines and manage related claims, and it ensures that no future agreements between FEMA and insurers can include provisions restricting the sale of private flood insurance.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5608/all-info