Arkansas Insurance Commissioner Allen Kerr has granted a Certificate of Authority to Florida-based Homeowners Choice Property Casualty Insurance Company (HCPC) to offer private flood insurance in Arkansas.
In a press release, Kerr said “Arkansas is the first state to grant HCPC authority to do business outside of Florida.”
Headquartered in Tampa, Florida, HCPC will offer Arkansas property owners a private market equivalent to the policies sold under the federal government’s National Flood Insurance Program (NFIP) with certain enhancements. HCPC is a wholly owned subsidiary of the HCI Group Inc.
Currently before Congress is legislation that would stimulate the growth of the private flood market relative to the NFIP. The Flood Insurance Market Parity and Modernization Act was recently passed by the House Committee on Financial Services, clearing its way to be brought to the floor for passage.
Source: Arkansas Insurance Department