The commissioner may require, through the application of the state’s existing regulatory system, all of the following:
1. That an authorized insurer file all forms for primary residential flood insurance coverage.
2. That an authorized insurer may issue an insurance policy, contract, or endorsement.
3. That flood insurance on a residential property that is located in a special flood hazard area designated by the federal emergency management agency provides coverage that at a minimum complies with 42 U.S.C. §4012a(b) and applicable regulations in 84 Fed. Reg. 4953.