Sec. 204. Provision of private flood insurance by mutual aid societies
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(7)of section 102(b) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a(c) ) is amended to read as follows: In this section: The term Federal flood insurance means an insurance policy made available under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.). The term flood insurance means— Federal flood insurance; and private flood insurance. The term mutual aid society means an organization— the members of which— share a common set of ethical or religious beliefs; and in accordance with the beliefs described in subclause (I), agree to cover expenses arising from damage to property of the members of the organization, including damage caused by flooding; and that has a demonstrated history of fulfilling the terms of agreements to cover expenses arising from damage to property of the members of the organization caused by flooding. The term private flood insurance means— an insurance policy that— is issued by an insurance company that is— licensed, admitted, or otherwise approved to engage in the business of insurance in the State in which the insured building is located, by the insurance regulator of that State; or eligible as a nonadmitted insurer to provide insurance in the home State of the insured, in accordance with sections 521 through 527 of the Nonadmitted and Reinsurance Reform Act of 2010 ( 15 U.S.C. 8201 through 8206); is issued by an insurance company that is not otherwise disapproved as a surplus lines insurer by the insurance regulator of the State in which the property to be insured is located; and provides flood insurance coverage that complies with the laws and regulations of that State; or an agreement with a mutual aid society for such society to cover expenses arising from damage to property of the members of such society caused by flooding, unless the State in which the property to be insured is located has— determined that the specific mutual aid society may not provide such coverage or provide such coverage in such manner; or specifically provided through law or regulation that mutual aid societies may not provide such coverage or provide such coverage in such manner. The term State means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. .
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Sec. 204
Provision of private flood insurance by mutual aid societies
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