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South Carolina Governor Henry McMaster has signed the South Carolina Private Flood Insurance Act into law. The aim of the legislation is to foster innovative flood insurance coverage in the state and allow insurers to test products in the market and offer more choices for flood insurance coverage to consumers.

The main provisions contained in the Act include identifying various forms of private flood insurance available, streamline regulatory oversight of forms and rates for private flood coverage, allowing flexibility in underwriting, and requiring 45 days’ notice before a private flood insurance policy is canceled or nonrenewed.

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