IL HB2739

Authorizes private insurers to sell primary residential flood insurance in Illinois as an alternative to the National Flood Insurance Program, requiring notification to the Department of Insurance at least 30 days before writing such policies.

Requires private flood insurance policies covering residential properties in special flood hazard areas to meet federal requirements specified in 42 U.S.C. 4012a and applicable federal regulations.

Mandates that consumers without existing National Flood Insurance Program coverage be informed of the program's existence before being placed with private flood insurance, and that all consumers be notified that National Flood Insurance Program coverage may be subsidized.

Requires insurers to obtain approval from the Director of Insurance for their plan of operation or material revisions before selling primary residential flood insurance.

Allows the Department of Insurance to adopt rules to implement the Act and specifies that provisions supersede conflicting Illinois Insurance Code sections.