Bill > H0581

This bill aims to expand flood insurance options in Florida by requiring the Office of Insurance Regulation (OIR) to consider projected flood losses when reviewing insurance rate filings, increasing the membership of the Florida Commission on Hurricane Loss Projection Methodology to include experts in floodplain management and flood meteorology, and mandating that this commission adopt standards for flood loss projections by a specific date. It also authorizes insurers to offer private flood insurance policies, establishing minimum coverage requirements and allowing for certain limitations, such as deductibles and coverage adjustments based on actual cash value or replacement cost, provided these limitations are clearly disclosed. The bill offers insurers flexibility in setting flood insurance rates, including options for individual risk rating or using rates not yet approved by the OIR with insured consent, and requires insurers to notify policyholders that flood insurance is also available through the National Flood Insurance Program (NFIP), a federal program that provides flood coverage in communities that adopt floodplain management regulations. Furthermore, it allows for larger flood insurance contracts to be placed with surplus lines insurers without extensive prior market searches, sets specific notice requirements for policy cancellation or nonrenewal, and mandates that insurers notify the OIR before offering flood insurance and file a plan of operation. Importantly, this legislation preempts any conflicting provisions within the Florida Insurance Code regarding flood insurance regulation, and the Commissioner of OIR is empowered to provide necessary certifications for flood insurance or disaster assistance eligibility without requiring further administrative review.