MA S719

Creates new Chapter 175N in Massachusetts General Laws establishing a regulatory framework for private flood insurance as an alternative to the federal National Flood Insurance Program

Exempts flood insurance rates from prior approval by the Division of Insurance; insurers must attest rates are actuarially sound and file rates within 30 days of effective date

Requires insurers to notify consumers in special flood hazard areas about the National Flood Insurance Program's existence and that returning to federal coverage later may result in full-risk (non-subsidized) rates

Mandates 45 days advance notice for cancellation or nonrenewal of private flood insurance policies (except for nonpayment of premium)

Directs the Division of Banks to require regulated lending institutions to notify borrowers when properties are in FEMA-designated special flood hazard areas and to issue 45-day expiration notices before flood insurance contracts lapse