FDIC FAQs – When does a bank have to force-place insurance?

Compliance > Lending > Flood > FAQs
Q:  When does a bank have to force-place insurance?
 
A:    A bank must force-place insurance upon determining that it does not have adequate insurance in place. This means beginning force-placement procedures immediately upon discovery of the deficiency.
 
 
 
ADDITIONAL INFORMATION:
This Q&A was included in the FDIC’s Flood Insurance Videos, which were updated in 2016, which may be found here:   https://www.fdic.gov/news/news/financial/2016/fil16018.html
 

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