Washington House passed legislation allowing for the creation of a flood insurance joint underwriting association (JUA) as an insurer of last resort for businesses in the Green River Valley.
House Bill 2560, which passed by a 66-30 vote, would allow the state insurance commissioner, if he finds that excess flood insurance is not available in the public market, to create an emergency JUA to assist businesses downstream from Howard Hanson Dam in the Green River Valley. The area is said to generate nearly $22 billion in gross business income, according to the city of Kent.
The Senate version of the bill passed earlier this week. The bills are now scheduled for a public hearing on Feb. 23 by the Senate Committee on Financial Institutions and Housing & Insurance.
Topics Legislation Flood Washington
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