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News and Events>>Senate passes NFIP overhaul Senate Passes NFIP OverhaulSenate SB 2284, was passed by the Senate May 13 as HB 3121. It now goes back to the House for acceptance or into conference to be reconciled with the House version. Expectations are that Congress will pass a bill by September 30, which will contain measures of reform and reauthorization of the program, which expires September 30. Highlights of the bill passed by the Senate: 105. Commercial coverage of multifamily buildings of more than 4 units is available. 106. Phase-out of subsidized rates for business, vacation homes, repetitive loss properties 106. Premiums can increase 15% annually 107. Residents behind levees and dams must buy flood insurance after remapping is complete, premiums phased in over 2 years 111. Escrow of flood insurance premiums is required, regardless of whether lender requires other insurance premiums to be escrowed. 112. Forgiveness of $17.5B in debt
118, 119. Establishes Technical Mapping Advisory Council with $2B budget. 120. Removes 50% limitation on state contributions for updating flood maps 123. Lender notice required on properties in 500-year non mandatory purchase, just like mandatory purchase 124. Adds flood disclosure to RESPA notice 131. Flood Insurance Advocate office established to assist insureds, investigate insurance companies and NFIP, identify appropriate changes to mitigate problems 201. Establishes commission on Nat cat management and insurance risk You can download and review the Senate version of HR 3121 document here.
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| Where: | Chicago - Hyatt Regency |
| When: | May 7-10 |
| Why: | Proposed Condominium Changes New Federal Agency Q&As New Mandatory Purchase Guidelines Katrina Litigation Updates Map Modernization Updates Alternatives to the NFIP The National Levee Risk And, of course, more......................... |
| How: | Register online at http://bsa.nfipstat.com/ |
Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance
WASHINGTON - The federal bank, thrift, credit union, and Farm Credit System regulatory agencies today requested public comment on new and revised interagency questions and answers regarding flood insurance.
The Interagency Questions and Answers Regarding Flood Insurance were first published in 1997 under the auspices of the Federal Financial Institutions Examination Council. The agencies are proposing new questions and answers, as well as substantive and technical revisions to the existing guidance, to help financial institutions meet their responsibilities under federal flood insurance legislation and to increase public understanding of the flood insurance regulations. The proposed changes include substantive modifications to questions and answers pertaining to construction loans and condominiums. The agencies are also proposing new questions and answers in a number of areas, including second lien mortgages, the imposition of civil money penalties, and loan syndications/participations. Finally, the agencies are proposing to revise and reorganize certain existing questions and answers to clarify areas of potential misunderstanding and to provide clearer guidance to users.
After public comments are received and considered and the Interagency Questions and Answers are final, they would supersede the 1997 Interagency Questions and Answers and supplement other guidance or interpretations issued by the agencies and the Federal Emergency Management Agency.
The agencies invite comment on the proposed changes and, more generally, on other issues regarding compliance with the federal flood insurance statutes and regulations. Comments are due May 20, 2008.
The Federal Register notice is attached.
Links
Levees and Flood Insurance: Information for Mortgage Lenders
This fact sheet provides information for mortgage lenders on levees, flood risk behind levees, and insurance requirements behind levees.
www.fema.gov/library/viewRecord.do?id=3106
Living Behind Levees: Information for Property Owners
Information for property owners affected by levees to understand the flood risks they face and take steps to address them.
www.fema.gov/library/viewRecord.do?id=2075
This site is designed to provide general information and does not constitute legal or other professional advice by NLIC or its officers and directors. This information should not be used as a substitute for advice of an attorney in specific situations.
Copyright © 2008 National Lenders Insurance Council, Inc.
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