Section 515J.1 – Title.

515J.1 Title. This chapter shall be known and may be cited as the “Private Primary Residential Flood Insurance Model Act”. 2021 Acts, ch 73, §1 NEW section

Section 515J.10 – Surplus lines placements.

515J.10 Surplus lines placements. Diligent search requirements pursuant to section 515I.3, subsection 1, paragraph “c”, shall not apply to flood coverage under an insurance policy issued by an eligible surplus lines insurer until such time that the commissioner certifies in a commissioner’s bulletin or by order that the admitted private flood insurance market is adequate. […]

Section 515J.11 – Property insurance market participation.

515J.11 Property insurance market participation. Writing private flood insurance shall not constitute participation in the property insurance market for purposes of determining membership in the FAIR plan pursuant to section 515F.34. 2021 Acts, ch 73, §11 NEW section

Section 515J.12 – Certification — private flood insurance.

515J.12 Certification — private flood insurance. An insurer that writes flood insurance under this chapter may certify that the insurance policy meets the definition of “private flood insurance” as specified in 42 U.S.C. §4012a(b)(7) and corresponding federal regulations. 2021 Acts, ch 73, §12 NEW section

Section 515J.13 – Public records.

515J.13 Public records. Upon disposition, all rates, supplementary rate information, and supporting information filed with the commissioner pursuant to this chapter shall be a public record under chapter 22, except any information marked by the insurer or the filer as confidential, trade secret, or proprietary pursuant to section 22.7, and that is accepted by the […]

Section 515J.14 – Conflict of laws.

515J.14 Conflict of laws. Notwithstanding any law to the contrary, with respect to regulation of flood coverage written in this state by an authorized insurer, this chapter shall control. 2021 Acts, ch 73, §14 NEW section

Section 515J.15 – Rules.

515J.15 Rules. The commissioner may adopt rules pursuant to chapter 17A as necessary to administer this chapter. 2021 Acts, ch 73, §15 NEW section

Section 515J.2 – Purpose.

515J.2 Purpose. The purpose of this chapter is to provide for the protection of lives and property from the peril of flood, and to encourage a robust private primary residential flood insurance market to provide consumer choices and alternatives to the existing national flood insurance program. 2021 Acts, ch 73, §2 NEW section

Section 515J.3 – Intent.

515J.3 Intent. It is the intent of the legislature that this chapter shall not restrict the use of existing filings by an insurer, or limit the ability of authorized insurers to provide flood insurance coverage in this state of any type other than primary residential flood insurance. 2021 Acts, ch 73, §3 NEW section

Section 515J.4 – Definitions.

515J.4 Definitions. For purposes of this chapter, unless the context otherwise requires: 1. “Authorized insurer” means an insurer authorized by the commissioner to write insurance under a certificate of authority issued by the commissioner to transact insurance in this state. 2. “Commissioner” means the commissioner of insurance. 3. “FAIR plan” means the plan to assure […]

Section 515J.5 – Rates.

515J.5 Rates. 1. Rates established pursuant to this section for flood insurance issued pursuant to this chapter shall not be subject to prior approval by the commissioner. An insurer shall attest that all rates are based on actuarial data, methodologies, standards, and guidelines relating to floods that are not excessive, inadequate, or unfairly discriminatory. The […]

Section 515J.6 – Forms.

515J.6 Forms. The commissioner may require, through the application of the state’s existing regulatory system, all of the following: 1. That an authorized insurer file all forms for primary residential flood insurance coverage. 2. That an authorized insurer may issue an insurance policy, contract, or endorsement. 3. That flood insurance on a residential property that […]

Section 515J.7 – Notice to commissioner.

515J.7 Notice to commissioner. At least thirty calendar days prior to writing primary residential flood insurance in this state, an authorized insurer shall comply with the following requirements: 1. Notify the commissioner of the insurer’s intent to sell primary residential flood insurance. 2. File a plan of operation and financial projections, or material revisions to […]

Section 515J.8 – Notice to consumers — special flood hazard areas.

515J.8 Notice to consumers — special flood hazard areas. 1. Before placing an applicant whose property is located in a special flood hazard area with private flood insurance, an insurance producer, surplus lines broker, or an authorized insurer upon the authorized insurer’s election or if there is not an insurance producer or surplus lines broker, […]

Section 515J.9 – Cancellation and nonrenewal — notice.

515J.9 Cancellation and nonrenewal — notice. 1. Notice of cancellation or nonrenewal of private residential flood insurance, other than for nonpayment of premium, shall be made and provided to the policyholder a minimum of forty-five days before the cancellation or nonrenewal of the flood insurance, and in compliance with the applicable provisions of sections 515.129A, […]