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A Floodie Future

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Report from the NCOIL meeting

Lisa Miller presents before the NCOIL Special Committee on Natural Disaster Recovery, July 11,2019

On July 10, 2019, NOAA published an article titled 2018 State of High Tide Flooding and 2019 Outlook.  Also on the same day, the National Association of Insurance Commissioners (NAIC) released its 21-page research document that captured what many states are/are not doing in the private flood insurance space and stressing the need for data as policymakers deliberate how the market should emerge.

Both of these documents were timely as they coincided with a meeting the following day of the National Council of Insurance Legislators (NCOIL) in California.  As we reported in our July 1 edition (Private Flood Insurance Gets Boost), NCOIL’s Special Committee on Natural Disaster Recovery has been tasked with moving the ball forward to adopt a simple 3 page private flood insurance model bill.  Florida’s very own legislator David Santiago, Representative from Volusia County, is sponsoring this model bill draft along with a small group of us advising him along the way.

The draft has 5 easy to follow sections: prior form approval; unregulated rates; mandatory agent education of their customers; insurance commissioner notification if a company wants to enter a state’s flood market; and insurance commissioner certification of the policy form that it meets or exceeds NFIP coverage.  This just makes sense to ease the way for a vibrant private flood market in all 50 states.

What was so very puzzling was that members of the insurance industry and those that represent insurance agents oppose the model bill!!  The insurance industry representatives contend that no guidelines are needed in each state’s statutes and the agent lobbyist wants to remove the entire section that would require agents to have a conversation with their customers, calling the section “well intentioned” but a “burden” on agents.

Lisa Miller discusses catastrophic modeling with California Insurance Commissioner Ricardo Lara at NCOIL, July 11,2019

Luckily, common sense prevailed with LMA inviting an insurance agent that is the chief underwriter of a private flood insurance company to speak.  This agent said the language requiring agents to educate their consumers was not a “burden” but a responsibility.  He also encouraged NCOIL decision-makers to move ahead with the proposed bill because of the uncertainty among state regulators who don’t have a path forward when private flood policy forms are presented.  He said the inconsistency and uncertainty could be eliminated if states had ground rules like those proposed.  And in fact, the National Association of Realtors (NAR) released their state by state research showing regulatory decisions were not consistent.

After an hour of debate, NCOIL’s President, Louisiana Senator Dan “Blade” Morrish closed the meeting with a bold statement that focused on the white elephant in the room.  He very directly pointed out that the opponents in the room “wanted to” sell private flood insurance but didn’t want any of the consumer protections afforded by the draft bill.  Ya think??  The measure will be taken up for further consideration at NCOIL’s winter meeting in Austin, December 10-12.

LMA Newsletter of 7-15-19

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Tags: Model Flood Insurance Law, National Council of Insurance Legislators, NCOIL, Private flood insurance

“Thank you Lisa for staying on top of, as well as advocating, for Florida residents and legislative reform. Your newsletters are very informative and enjoy reading the points of view.”  

Shawna Miller, Sr. Claims Quality Assurance & Compliance Manager
Florida Peninsula Insurance Company
Jacksonville, FL

“Just a quick note to let you know how much I have appreciated your newsletter over the years and the assistance they offer for those in the field of claims. We depend on the information more than you will ever know!”

Laurie Rasberry, Chief Claims Officer
Acorn Claims
Prosper, Texas

“I have followed your weekly newsletter and podcasts and now have a full appreciation for what you bring to this industry.  You are an inspiring force, plain and simple.  I wanted you to know that you make a difference.  Thank you for all you do!”

Jeffrey Karam, CPCU
Bradenton, FL

“Another great Newsletter on Florida industry this week.  Your service and advocacy in Florida is very important to keeping me updated and apprised of the Florida insurance laws, trends and overall environment.  Something similar is very much needed in Louisiana, too.”

Jennifer Tedesco, Esq., Claims Director
Pharos Claims Services
Orlando, FL

“Great article on Risk Rating 2.0!”

Austin Perez, Senior Policy Representative for Federal Housing, Valuation, Insurance and Commercial Issues
National Association of Realtors
Washington, D.C.

“Lisa Miller is a true champion for the insurance industry, with her regular updates! We appreciate all you do and keeping us up to date on priority issues!”

Gillian Lloyd, Account Executive
Zywave
Milwaukee, WI

“Just wanted to say that I thoroughly love your newsletter. It’s is always informative and insightful to the ins and outs of our industry.  You are an inspiration and an important asset in the insurance world.  Keep up the great work!” 

Cynthia Scott, President
University Insurance Group
Davie, FL

“Your newsletter is fabulous!  I greatly appreciate the topics you expose, so that insurance professionals like myself can keep up with the latest events that affect the public we serve and ourselves.”

Cynthia Hoehn, Independent Property & Casualty Personal Lines insurance agent
Clermont, FL

“Lisa this is another great newsletter, and we appreciate the time and energy you put into these informative updates – you are on top of these topics!”

Mike Graham, CEO
Smart Vent Products, Floodproofing.com, & Risk Reduction Plus
Juno Beach, FL

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