• Mon. May 10th, 2021

Agencies release proposed revisions to interagency questions and answers regarding flood insurance

Agencies release proposed revisions to interagency questions and answers regarding flood insurance

WASHINGTON, DC (STL.News) Five federal regulatory agencies today requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance.  The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011.

The agencies are proposing new questions and answers for inclusion in the Interagency Questions and Answers in light of changes to flood insurance requirements under the agencies’ joint rule regarding loans in special flood hazard areas.  This rule was promulgated in 2015 to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014.

The proposal incorporates new questions and answers in several areas, including:

  • The escrow of flood insurance premiums;
  • The detached structure exemption to the mandatory purchase of flood insurance requirement; and
  • Force-placement procedures.

The proposal also revises existing questions and answers to improve clarity and reorganizes questions and answers by topic to make it easier for users to find and review information related to technical flood insurance topics. The proposal is intended to help reduce the compliance burden for lenders related to the federal flood insurance laws.

Separately, the agencies plan to propose new questions and answers at a later date on the private flood insurance requirements implemented by their February 2019 final rule.

The agencies invite comment on this proposal.  Comments will be accepted for 60 days after publication in the Federal Register.

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Marty Smith

Marty Smith

Marty Smith is the acting Editor in Chief as well as the founder of STL.News, DirectSourceNews.org, and St. Louis Restaurant Review. Additionally, Smith is the IT Manager responsible for STL.News and affiliate sites. Smith has created multiple aggregator sites to manage the large amount of content used to select which content to published on STL.News. As Editor in Chief, Smith is responsible for the content posted on the network with the help of the publishing team, which is located around the globe.