Beck Seeks to Give DOBI Oversight Role in Flood Insurance Claims

 

 NEW BILL WOULD HOLD INSURERS ACCOUNTABLE TO NJ STANDARDS

Senator Jennifer Beck has introduced legislation that clarifies the Department of Banking Insurance’s jurisdiction over the processing of certain flood insurance claims. The bill specifies that though flood insurance is administered by Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP) the actual claims process must adhere to New Jersey Department of Banking and Insurance (DOBI) laws and regulations. In most cases in New Jersey, the NFIP flood insurance itself is purchased from New Jersey-based private insurance companies who participate in FEMA’s “Write Your Own” program. Additionally, those same New Jersey-based insurers are often administering the claims.

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