HB 2739

Abstract

Creates the Private Primary Residential Flood Insurance Act. Sets forth provisions concerning flood insurance rates. Provides that an insurer shall file with the Department of Insurance all rates and any change to such rates within 30 days after the effective date of the rate change. Sets forth provisions concerning flood insurance forms. Provides that authorized insurers must notify the Department of plans to sell primary residential flood insurance products at least 30 days before writing flood insurance in the State and file a plan of operation and financial projections or material revisions to such plan. Sets forth provisions concerning notice to consumers that live in a special flood hazard area, notice of cancellation and nonrenewal, and surplus line placements of private flood insurance. Provides that rates, supplementary rate information, and any supporting information filed under the Act shall be open to public inspection upon disposition, except information marked and accepted by the Director of Insurance as confidential, trade secret, or proprietary by the insurer or filer. Provides that the Department may adopt rules to implement the Act. House Floor Amendment No. 1 Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Provides that authorized insurers must obtain the Director of Insurance's approval for a plan of operation or material revisions to such plan (rather than authorized insurers must file a plan of operation and financial projections or material revisions to such plan). Removes language that provides that the Department of Insurance may require that an insurer file the forms for primary residential flood insurance coverage, or that an authorized insurer may issue an insurance policy, contract, or endorsement. Removes provisions concerning flood insurance rates, notice to consumers that live in a special flood hazard area, notice of cancellation and nonrenewal, and surplus line placements of private flood insurance. Removes language that provides that rates, supplementary rate information, and any supporting information filed under the Act shall be open to public inspection upon disposition, except information marked and accepted by the Director as confidential, trade secret, or proprietary by the insurer or filer. Provides that an insurer shall (rather than may) certify that the insurance policy meets a definition of "private flood insurance", as specified in certain federal law and regulations. Makes other changes.