Legislative Update

Late last week the Flood Bill, HB 813, passed and will be on its way to the Governor for his signature. The bill extends the exemption from having to obtain a diligent effort from the admitted market for personal lines flood policies until July 1, 2019 or until the Insurance Commissioner determines there is an adequate admitted market.  This exemption was set to expire on July 1st of this year.

Excess personal lines flood coverage will now also be eligible to be exported without the diligent effort form being completed. It should be noted that the new law still requires the retail or producing agent to provide a notice to be signed by the applicant before the agent places coverage in the admitted or surplus market if being pulled out of the NFIP. The bill is to become law on July 1, 2017. 

To view the enrolled bill text, click here.