Insurance commissioner Chaney, Congressman Thompson back private flood insurance option

Analysis: Top Mississippians back private flood insurance

Mississippi’s top insurance regulator and its only Democratic congressman are both ready to cede some of the federal flood insurance market to private insurers.

Both Republican Insurance Commissioner Mike Chaney and U.S. Rep. Bennie Thompson say they’re open to proposals being considered in Congress that would make it possible for private insurers to enter the market in a big way. Key among those would be a legal mandate that banks accept private as well as public insurance when they issue mortgages, Chaney said.

Clarion Ledger
8/6/17