Private flood cover bill progresses in Congress

A key committee in the US House of Representatives has passed a
bill that could see the market for flood risks partly privatized
and handed over to the excess and surplus lines sector.
The Flood Insurance Market Parity and Modernization Act - which
was passed by the House Financial Services Committee last week -
would give consumers the choice between coverage provided by the
beleaguered National Flood Insurance Program (NFIP) and insurance
bought in the private market.
It would clarify...