Risk Rating 2.0

DATE: TO: RE: BULLETIN 21-23 September 3, 2021 All Resident Property & Casualty Producers Risk Rating 2.0 The Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP) are implementing an updated method for flood insurance policy rating, also known as Risk Rating 2.0, beginning with new business policies effective on or after October 1, 2021. For more information, you may consult https://www.fema.gov/flood-insurance/risk-rating. The Maryland Insurance Administration (Administration) strongly recommends that property and casualty producers who sell flood insurance become familiar with Risk Rating 2.0, in order to provide competent guidance to their clients. Further, the Administration reminds property and casualty insurance producers who sell flood insurance that pursuant to COMAR 31.03.02.03 (F), they must complete two credit hours of continuing education that directly relates to flood insurance in order to renew their license. For a listing of available courses, please consult https://www.sircon.com/, and conduct an Approved Course Inquiry search for courses approved for Maryland continuing education credits. You may search based on courses designated as “Flood.” Should you have any questions concerning this Bulletin, please contact Erica J. Bailey, Associate Commissioner Market Regulation and Professional Licensing, by e-mail at erica.bailey@maryland.gov or by telephone at (410) 468-2113. KATHLEEN A. BIRRANE Commissioner By: _______________________________ Erica J. Bailey, Associate Commissioner Market Regulation & Professional Licensing KATHLEEN A. BIRRANE Commissioner GREGORY M. DERWART Deputy Commissioner ERICA J. BAILEY Associate Commissioner Market Regulation and Professional Licensing LARRY HOGAN Governor BOYD K. RUTHERFORD Lt. Governor 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 Direct Dial: 410-468-2113 Fax: 410-468-2245 Email: erica.bailey@maryland.gov 1-800-492-6116 TTY: 1-800-735-2258 www.insurance.maryland.gov