Section 102D. Any insurance company authorized to transact business under the first clause of section forty-seven and notifying the commissioner of its participation in the flood insurance program established under the National Flood Insurance Act of 1968, and any amendments thereof, may, either in its own name or in the name of an association of insurance companies joined together in a pool or otherwise to provide flood insurance, issue a policy of insurance against loss or damage to property by flood and other hazards within the scope of said act at appropriate premiums and on terms and conditions established by the Secretary of the United States Department of Housing and Urban Development notwithstanding the provisions of any rate regulatory or other insurance law of the commonwealth.

Any such policy issued in the name of any such association shall have affixed thereto the corporate name of the company issuing such policy and any notice, sworn statement or proof of loss which may be required by the provisions of said policy shall be rendered, made or given said company and such notice, sworn statement or proof of loss so rendered, made or given shall be valid and binding as to such association. In any action or suit under the policy, service of process shall be made on said company and such service shall be deemed valid and binding service upon such association.

Policies issued by any mutual company under the authority of this section need not conform to the requirements of sections seventy-six, eighty and eighty-one applicable to other policies issued by such company.