Bill > S720

This bill seeks to modernize private flood insurance in Massachusetts. It establishes the "Massachusetts Private Flood Insurance Act" to foster innovative flood insurance coverage, provide insurers the ability to test products in the market, and give consumers greater choice for flood insurance coverage. The bill defines key terms like "flood" and "private flood insurance," and outlines requirements for standard and non-standard private flood insurance policies. It also sets guidelines for rate and form filings, allows surplus lines brokers to place flood insurance policies, and imposes reporting requirements for insurers writing private flood coverage. Additionally, the bill outlines cancellation and nonrenewal provisions, as well as renewal notice requirements. Finally, it directs the Insurance Commissioner to annually report the number of private flood policies in the state.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/192/S720