Bill > H1064

This bill aims to modernize private flood insurance in Massachusetts. It creates a new chapter in the Massachusetts General Laws called 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. The bill defines key terms like "flood" and "private flood insurance," outlines requirements for standard and nonstandard private flood insurance policies, and establishes filing, approval, and regulatory processes for private flood insurers. It also allows surplus lines brokers to place private flood insurance without a diligent search, requires notification to the Commissioner before writing flood insurance, and prohibits certain discriminatory cancellation practices. The bill also requires the Insurance Commissioner to annually report the number of private flood policies in the state.

Business and Industry

https://malegislature.gov/Bills/193/H1064