MS HB1329

Establishes regulatory framework for residential flood insurance in Mississippi, defining "flood" as inundation of two or more acres or properties from overflow, surface water accumulation, mudflow, or shore erosion.

Requires insurers offering residential flood coverage to notify the Commissioner of Insurance 30 days before writing policies, file operational plans and financial projections, and provide 60 days' notice before discontinuing or withdrawing policy forms.

Authorizes five types of residential flood policies: standard flood insurance (matching National Flood Insurance Program coverage), preferred flood insurance (with additional water intrusion and living expense coverage), customized flood insurance (broader coverage), flexible flood insurance (customizable with separate storm deductibles), and supplemental flood insurance.

Allows insurers to establish flood insurance rates under state law or, for rates filed before January 1, 2028, set rates independently that provide a reasonable return, subject to commissioner examination for excessive or unfairly discriminatory rates.

Requires producers to inform applicants about National Flood Insurance Program subsidized rates before switching to private flood coverage and mandates insurers certify in 14-point bold font whether policies meet federal private flood insurance standards.