S. 2047

Flood Insurance Disclosure Act of 2007

Latest

II

110th CONGRESS

1st Session

S. 2047

IN THE SENATE OF THE UNITED STATES

September 12, 2007

Mr. Coleman (for himself and Ms. Klobuchar) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To require enhanced disclosures to consumers purchasing flood insurance and for other purposes.

1.

Short title

This Act may be cited as the Flood Insurance Disclosure Act of 2007.

2.

Additional requirements of insurers

Part A of Chapter II of the National Flood Insurance Act of 1968 (42 U.S.C. 4051 et seq.) is amended by adding at the end the following:

1337.

Additional requirements of insurers

(a)

Disclosure of noncoverage

(1)

In general

Each insurance company or other insurer shall disclose, in writing, to any homeowner or renter who purchases a homeowner's or renter's insurance policy from such company or insurer that such policy does not include flood insurance coverage as described under chapter I.

(2)

Placement of disclosure

The disclosure required under paragraph (1) shall be—

(A)

in English;

(B)

composed in a clear and conspicuous manner; and

(C)

displayed on the insurance policy described under such paragraph.

(b)

Disclosure of eligibility

Each insurance company or other insurer shall disclose, in writing, at the time of sale of any homeowner's or renter's insurance policy to the purchaser of such policy—

(1)

that such person may be eligible to purchase flood insurance coverage as described under chapter I; and

(2)

the telephone number and Internet address by which the purchaser can contact the National Flood Insurance Program in order to obtain such flood insurance coverage.

(c)

Record keeping

Each insurance company or other insurer shall keep and maintain an accurate record of each disclosure provided under this section.

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