Surplus Flood Insurers Need Path To Market, Regulators Told

Law360, New York (December 2, 2013, 2:35 PM EST) -- Free-market groups on Monday urged banking regulators to create a path for surplus lines insurers to provide flood coverage on mortgaged property and to set up protections against flood policies that offer little or no coverage.

The R Street institute, National Taxpayers Union and American Consumer Institute put forward the suggestions in a letter to the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp., Federal Reserve Board, National Credit Union Administration and Farm Credit Administration.

The regulators are crafting regulations to implement parts...
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