An insurer may issue an insurance policy, contract, or endorsement providing commercial lines or personal lines coverage for the named peril of flood or excess coverage for the named peril of flood on any structure and on the contents of commercial or personal property contained therein, or to insure against indirect losses from the named peril of flood subject to the requirements of this chapter. Any reference to policy in this chapter also includes endorsements that provide private flood insurance coverage.
HISTORY: 2020 Act No. 166 (S.882), Section 2, eff November 27, 2020; 2022 Act No. 195 (H.4832), Section 12, eff May 16, 2022.
Editor's Note
2020 Act No. 166, Section 3, provides as follows:
"SECTION 3. This act becomes effective sixty days following approval by the Governor. Insurers that are writing private flood insurance at the time of enactment have an additional one hundred twenty days to come into compliance with the requirements of this act."
Effect of Amendment
2022 Act No. 195, Section 12, in the first sentence, substituted "named peril" for "peril" in three places, and made a nonsubstantive change.
Structure South Carolina Code of Laws
Chapter 101 - Private Flood Insurance Act
Section 38-101-10. Intent of chapter.
Section 38-101-20. Definitions.
Section 38-101-30. Issuance of policies.
Section 38-101-40. Private flood insurance policies; deductibles and policy limits.
Section 38-101-60. Required filings with director; review of filings; filing on behalf of insurers.
Section 38-101-100. Controlling law.
Section 38-101-120. Written notice of cancellation or nonrenewal; requirements.
Section 38-101-130. Renewal of policy.
Section 38-101-140. Authorization to promulgate bulletins, orders, or regulations.