June 26, 2017

GOVERNOR SIGNS FLOOD BILL

Last Friday, June 23, 2017, the Governor signed House Bill 813 into law. The bill, known as the Flood 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 will become law on July 1, 2017.  FSLSO will post an updated Flood Matrix on fslso.com which will provide guidance as well.  If you have any questions, please email easy@fslso.com.

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