Louisiana § RS 22:1343 - Residential flood coverage; notices; plan of operation

§ RS 22:1343. Residential flood coverage; notices; plan of operation

            In addition to other requirements, an insurer providing residential flood coverage shall do all of the following:

            (1) Notify the commissioner at least thirty days before writing residential flood policies in this state.

            (2) File a plan of operation, financial projections, and any revisions to either, as applicable, with the commissioner.

            (3) Note prominently on the policy declarations page the residential flood coverage premiums, deductibles, and policy limits.

            (4) Notify the commissioner in writing at least sixty days prior to the market end date of residential flood coverage and advise regarding all of the following:

            (a) If an approved policy form will no longer be marketed in this state.

            (b) If an approved policy form will be permanently withdrawn from this state.

            (c) Whether residential flood coverage issued in this state under a discontinued or withdrawn policy form will remain in force.

            (d) Whether existing residential flood coverage issued in this state under a discontinued or withdrawn policy form will continue to be renewed.

            (e) The policy form numbers being discontinued or withdrawn and the dates of original approval.

            Acts 2021, No. 77, §1, eff. Jan. 1, 2022.