FDIC FAQs – Can a bank send the 45-day notice about force-placing insurance prior to the policy’s expiration date?

Compliance > Lending > Flood > FAQs
Q:  Can a bank send the 45-day notice about force-placing insurance prior to the policy’s expiration date?
 
A:    No. However, some banks choose to send a courtesy notice to customers prior to expiration as a reminder.
 
 
 
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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