FLOOD INSURANCE ACT House SponsorsRep. Bob Morgan and William Davis 1/13/2021HouseSession Sine Die New Act Creates the Flood Insurance Act. Allows the Department of Insurance to require, through prior form approval, that an authorized insurer issues an insurance policy, contract, or endorsement that meets the private flood insurance requirements in a specified provision of federal law. Provides that flood coverage rates are not subject to prior approval by the Department of Insurance, but the Department may audit an insurer's residential flood insurance rates to ensure that rates are based on actuarial data, methodologies, and standards that are not excessive, inadequate, or unfairly discriminatory. Requires insurers to notify the Department at least 30 days before writing flood insurance in this State, to notify the Department of any changes in rates within 30 days after the effective date of the change, and to file a plan of operation and financial projections, or revisions to the plan. Requires an agent of an insurer to maintain certain evidence in his or her records. Authorizes the Department of Insurance to certify that a private flood insurance policy provides flood coverage which equals or exceeds the coverage offered by the National Flood Insurance Program, or that a private flood insurance policy meets federal requirements. Provides that an insurer or agent who knowingly misrepresents that a flood insurance policy is certified under this Act commits an unfair or deceptive act under the Uniform Deceptive Trade Practices Act. 1/17/2020HouseFiled with the Clerk by Rep. Bob Morgan 1/22/2020HouseFirst Reading 1/22/2020HouseReferred to Rules Committee 1/28/2020HouseAssigned to Insurance Committee 1/28/2020HouseAdded Co-Sponsor Rep. William Davis 3/12/2020HouseTo Health Insurance Subcommittee 6/23/2020HouseRule 19(b) / Re-referred to Rules Committee 1/13/2021HouseSession Sine Die