The Final Flood Q & A Is Here!
By Deb Jost
On July 21, 2009, the Interagency Questions and Answers Regarding Flood Insurance (Q&A) was issued to increase public understanding of flood insurance requirements. The Q&A, which was proposed in March 2008, was significantly revised in response to public comments. Guidance was provided with respect to resolving flood zone discrepancies, the amount of required flood insurance for junior liens, private insurance policies, and the timing of required coverage for condominium loans. The agencies also proposed five additional Q&A's for public comment. These address the definition of insurable value and issues relating to force placement. The Q&A's become effective September 21, 2009. Comments on the 5 proposed questions are also due by this date.
David Dickinson and Jerod Moyer of Bankers Compliance Consulting will be presenting a webinar entitled Understanding the Newly Released Flood Insurance Questions and Answers for Bankers Online on September 10, 2009.
We are in the process of digesting the Q&A's and will have more information in our September newsletter.