Bill > H1133

This bill, the "Massachusetts Private Flood Insurance Act", aims to modernize and foster the private flood insurance market in the state. The key provisions include: 1. Defining "private flood insurance" and establishing two types - "standard" (equivalent to National Flood Insurance Program coverage) and "nonstandard" (supplemental or broader coverage). 2. Requiring rate and form filings for private flood insurers, with provisions for confidentiality and public inspection. 3. Allowing surplus lines brokers to place private flood policies without a diligent search of the admitted market. 4. Imposing various requirements on private flood insurers, such as notifying the Commissioner before writing flood insurance and complying with examination requirements. 5. Mandating that insurers provide written notice before cancelling or non-renewing private flood policies. 6. Directing the Insurance Commissioner to annually report on the number of private flood policies in the state. The bill aims to provide consumers with more choice and flexibility in flood insurance coverage, while also establishing regulatory oversight to ensure fairness and transparency in the private flood insurance market.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/192/H1133