Establishes the Alaska Flood Authority to increase flood insurance availability in the state.
The Alaska Flood Authority is created to increase the availability of flood insurance in the state. The authority is a nonprofit incorporated legal entity. The membership of the authority consists of all insurers licensed to transact property insurance business in the state. The authority shall make available to a person at least one state plan of flood insurance. The authority may not refuse coverage under a state plan to a person who is eligible, applies for coverage, and pays the required premium. The authority shall pay claims and shall indicate when a claim is paid under a state plan.
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