Q: If a lender is a participant in a syndicated transaction, what are the lender’s obligations with respect to the acceptance of private flood insurance policies? Is the participating lender obligated to review the policy to determine whether it meets the definition of private flood insurance?
A: Q&A #4 of the 2009 interagency flood insurance Q’s and A’s addresses this question.
This Q&A was part of the discussion in the Outlook Live - Interagency Flood Insurance Update on Private Flood Insurance Rule webinar held on 6/18/19 and focused on the new private flood insurance rules that become effective 7/1/19. Information may be found here: https://www.webcaster4.com/Webcast/Page/577/30085