On May 11, 2022, five federal regulatory agencies jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q&As supersede those originally published by the agencies in 2009 and 2011 as well as consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As also include the changes to the flood insurance requirements made by federal law in recent years.
According to OCC’s press release, the Q&As cover a broad range of technical flood insurance topics, including the escrow of flood insurance premiums, the detached structure exemption to the flood insurance purchase requirement, force placement procedures, and private flood insurance. The revised Q&As are also organized by topic to make it easier for users to find and review information related to flood insurance.
As you would expect, we plan to release a training program covering all of the updated Flood FAQs. We expect this program to be released during the summer of 2022. Contact us for more information and to get on a waiting list for this future program.
Read the OCC’s press release here.
The Questions and Answers Regarding Flood Insurance can be found here.
