An Act relative to modernizing private flood insurance

This bill creates the Massachusetts Private Flood Insurance Act to allow private insurers to offer new flood coverage options alongside the existing National Flood Insurance Program. It defines what counts as flood and mudflow, and establishes two types of private policies: standard policies that match NFIP terms and nonstandard policies that can offer broader or supplemental coverage. The law requires insurers to clearly label their policies as private rather than federal, display deductibles and limits prominently, and file rate information with the state regulator. Additionally, the bill instructs the state commissioner to track and report how many private flood policies are sold each year to monitor market participation.