private flood insurance
(7) Private flood insurance defined In this subsection, the term “private flood insurance” means an insurance policy that— (A) is issued by an insurance company that is— (i) licensed, admitted, or otherwise approved to engage in the business of insurance in the State or jurisdiction in which the insured building is located, by the insurance regulator of that State or jurisdiction; or (ii) in the case of a policy of difference in conditions, multiple peril, all risk, or other blanket coverage insuring nonresidential commercial property, is recognized, or not disapproved, as a surplus lines insurer by the insurance regulator of the State or jurisdiction where the property to be insured is located; (B) provides flood insurance coverage which is at least as broad as the coverage provided under a standard flood insurance policy under the national flood insurance program, including when considering deductibles, exclusions, and conditions offered by the insurer; (C) includes— (i) a requirement for the insurer to give 45 days’ written notice of cancellation or non-renewal of flood insurance coverage to— (I) the insured; and (II) the regulated lending institution or Federal agency lender; (ii) information about the availability of flood insurance coverage under the national flood insurance program; (iii) a mortgage interest clause similar to the clause contained in a standard flood insurance policy under the national flood insurance program; and (iv) a provision requiring an insured to file suit not later than 1 year after date of a written denial of all or part of a claim under the policy; and (D) contains cancellation provisions that are as restrictive as the provisions contained in a standard flood insurance policy under the national flood insurance program.