Iowa Code 515J.8 – Notice to consumers — special flood hazard areas
Current as of: 2024 | Check for updates
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Terms Used In Iowa Code 515J.8
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
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, shall provide notice to the applicant of the following:
a. Of the existence of the national flood insurance program if the applicant does not currently have flood coverage under the national flood insurance program.
b. That flood coverage under the national flood insurance program may be provided at a subsidized rate, and that the full-risk rate for flood insurance may apply to the applicant’s property if the applicant later seeks to reinstate coverage under the program.
2. This section is repealed effective thirty calendar days after enactment of federal legislation mandating that an insured may switch between private flood insurance and flood insurance under the national flood insurance program without risk of penalty. The commissioner shall notify the Iowa Code editor upon the occurrence of this condition.
2021 Acts, ch 73, §8
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, shall provide notice to the applicant of the following:
a. Of the existence of the national flood insurance program if the applicant does not currently have flood coverage under the national flood insurance program.
b. That flood coverage under the national flood insurance program may be provided at a subsidized rate, and that the full-risk rate for flood insurance may apply to the applicant’s property if the applicant later seeks to reinstate coverage under the program.
2. This section is repealed effective thirty calendar days after enactment of federal legislation mandating that an insured may switch between private flood insurance and flood insurance under the national flood insurance program without risk of penalty. The commissioner shall notify the Iowa Code editor upon the occurrence of this condition.
2021 Acts, ch 73, §8