Private Flood Ins. – Could the agencies provide further clarification regarding the 45-day written notice before cancellations or non-renewal of flood insurance coverage?

Compliance > Lending > Flood > 2019 Private Flood Insurance Rule
Q:  Could the agencies provide further clarification regarding the 45-day written notice before cancellations or non-renewal of flood insurance coverage, which is required under the definition of private flood insurance?  Is there any sample language or reference in the SFIP?
 
A:  Actually, there's no direct reference in the SFIP, and the requirement is not based on what is contained in that SFIP.  The agencies implemented this requirement in the mandatory acceptance provision of the regulation as required by the Biggert-Waters Act.
 
Thanks.  So they should look to the statute for that?
 
Yes.
 
 
This Q&A was part of the discussion in the Outlook Live – 2019 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
 

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