Florida Office of Insurance Regulation Issues Informational Memo to Insurers Exploring Writing Primary Flood Insurance
Oct 28, 2013
The Florida Office of Insurance Regulation (“OIR”) issued Informational Memorandum OIR-13-03M (“Memorandum”) today, October 28, 2013, to insurers exploring the feasibility of writing primary flood insurance in the state.
Section 239 of the federal Biggert-Waters Flood Insurance Reform and Modernization Act of 2012 provides that private flood insurance sold by licensed insurers may satisfy requirements for flood coverage established by Fannie Mae or Freddie Mac. As a result, various insurers have expressed interest in offering coverage in Florida.
The five-page OIR Memorandum, not intended to be comprehensive in scope, contains information and suggestions for insurers considering entering the Florida market on required demonstration of financial capacity and options for developing rates and forms for primary flood coverage. It reflects the OIR’s initial review of federal and state legal requirements that might apply to the issuance of private flood coverage.
The Memorandum is attached in PDF format.
Should you have any questions or comments, please contact Colodny Fass& Webb.
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