Federal Agencies Update Flood Insurance Q&A

The federal bank regulators have updated the Interagency Questions and Answers Regarding Flood Insurance, which were most recently published in July 2009. The guidance finalizes two previously proposed questions and answers – one pertaining to insurable value and the other to the force placement of flood insurance.

The agencies, which have also withdrawn one question and answer relating to insurable value, request comment on three additional proposed updates to questions and answers relating to force placement of flood insurance. Two answers have been significantly and substantively changed. The third revises a previously finalized question and answer for consistency with the proposed changes, the agencies say.

Comments on the new proposed questions and answers are due 45 days after publication in the Federal Register.

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