MA H1217

Creates new Chapter 183 of Massachusetts General Laws establishing a regulatory framework for private flood insurance as an alternative to the federal National Flood Insurance Program (NFIP)

Establishes two categories of private flood insurance: "standard" policies that must provide coverage at least equivalent to NFIP, and "nonstandard" policies that may supplement or differ from NFIP coverage

Requires insurers to use a "use and file" system, filing rates and forms with the Commissioner within 90 days of effective date, with rates based on actuarial data that are not excessive, inadequate, or unfairly discriminatory

Mandates 45-day written notice to policyholders and lenders before cancellation or nonrenewal, and prohibits discrimination based on age, sex, race, income level, marital status, or other protected characteristics

Requires the Insurance Commissioner to publish annual reports on the number of private flood policies in force, and takes effect 60 days after gubernatorial approval with existing insurers given 120 additional days to comply