Agencies release proposed new Q&As regarding private flood insurance
Five federal regulatory agencies, including NCUA, requested public comment on 24 proposed Interagency Questions and Answers Regarding Private Flood Insurance.
The proposal is intended to help lenders comply with the agencies' joint rule promulgated in 2019 to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012.
The proposal incorporates new questions and answers in a number of areas including:
- Mandatory Acceptance,
- Discretionary Acceptance, and
- Private Flood Insurance General Compliance.
These Questions and Answers would supplement the 118 Interagency Questions and Answers Regarding Flood Insurance that the agencies proposed on July 6, 2020.
Comments will be accepted for 60 days after publication in the Federal Register.