DE SB282

Establishes Delaware's "Private Primary Residential Flood Insurance Model Act" to encourage a robust private flood insurance market as an alternative to the National Flood Insurance Program (NFIP).

Requires authorized insurers to notify the Delaware Department of Insurance at least 30 days before filing forms or rates for residential flood insurance and to submit a plan of operation with financial projections.

Mandates that consumers in Special Flood Hazard Areas be informed of NFIP's existence and that NFIP coverage may be subsidized, with notice provided by insurance producers, brokers, or insurers.

Requires at least 45 days' notice before cancellation or nonrenewal of private flood insurance coverage and allows surplus lines insurers to write residential flood insurance until the Commissioner certifies the admitted market is adequate.

Allows private flood insurance to meet federal requirements under 42 U.S.C. § 4012a(b) and exempts such coverage from Delaware FAIR Plan participation requirements.