AGENCIES PROPOSE NEW PRIVATE FLOOD INSURANCE Q&AS

On March 11, 2021, the OCC, Board, FDIC, FCA, and NCUA proposed to supplement the Interagency Flood Insurance Questions and Answers with new interagency questions and answers related to the private flood insurance rules. These newly proposed Questions and Answers Regarding Private Flood Insurance are in addition to the  Proposed Interagency Questions and Answers Regarding Flood Insurance that the Agencies released in 2020.

In 2020 the Agencies stated in their proposed revisions that since the private flood insurance rules had only been in effect for about a year, the 2020 Proposed Q&A revisions only contained two questions related to the private flood insurance rules (Section III. Coverage). The Agencies indicated that a set of proposed Q&As related to the private flood insurance rules would be released separately. This recently proposed separate set of Questions and Answers Regarding Private Flood Insurance includes 24 questions categorized into three sections: mandatory acceptance, discretionary acceptance, and general compliance with the private flood insurance rules.

The comment period ends 60 days after publication in the Federal Register.

The Proposed Questions and Answers Regarding Private Flood Insurance are available here.

Leave a Reply

Your email address will not be published. Required fields are marked *