View Amendment Current Amendment: BI to Bill 882

The Committee on Banking and Insurance proposed the following amendment (PH\882C001.JN.PH20):

Amend the bill, as and if amended, SECTION 2, page 3, Section 38-101-40, by striking lines 1 through 16 and inserting:

/ (d) cancellation provisions that are as restrictive as the provisions contained in a standard flood insurance policy under the NFIP.

(2) Nonstandard flood insurance, which may, but is not required to, provide coverage designed to supplement a flood policy obtained from the NFIP or from an insurer issuing standard flood insurance pursuant to this section. This includes any other policy issued for the coverage of flood that does not meet the definition of a standard flood insurance policy as defined above. Nonstandard flood insurance also includes policies that have a broader definition of flood than that provided for in Section 38-101-20(1) and discretionary acceptance private flood insurance as provided for in 12 C.F.R. Part 208.25.

(B) Flood insurance deductibles and policy limits must be prominently noted on the policy declarations page or face page of the policy at issuance and renewal in at least ten-point font. /

Amend the bill further, SECTION 2, page 6, by striking Section 38-101-110(C) and inserting:

/ (C) An insurer or agency who knowingly (1) misrepresents that a flood policy, contract, or endorsement is certified pursuant to this chapter or (2) misrepresents the scope of the coverage of the flood insurance policy, contract, or endorsement commits an unfair or deceptive act pursuant to Section 38-57-10, et seq. and is subject to the penalties set forth in this chapter. /