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 authorizedinsurer upon the authorized insurer’s election or if there is not an insurance producer orsurplus 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’sproperty 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 This section is repealed effective thirty calendar days after enactment of federal legislation mandating that an insured may switch between private flood insurance andflood insurance under the national flood insurance program without risk of penalty. Thecommissioner shall notify the Iowa Code editor upon the occurrence of this condition. private flood insurance andflood insurance under the national flood insurance program without risk of penalty. Thecommissioner shall notify the Iowa Code editor upon the occurrence of this condition. 2021 Acts, ch 73, §8 Sat Dec 23 00:49:34 2023 Iowa Code 2024, Section 515J.8 (2, 0)
Iowa Legal Code