National Flood Insurance Program Extended

October 5, 2017

A short-term extension of the National Flood Insurance Program (NFIP) passed as part of the multi-billion dollar disaster relief package approved by Congress and signed by President Trump on Friday, September 8, 2017. The legislation extends the NFIP to December 8, 2017, avoiding the program expiration date of September 30, 2017. The White House Office […]

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Hurricane Maria FEMA Bulletin

October 5, 2017

FEMA Update The Federal Emergency Management Agency has responded to Hurricane Maria by issuing various announcements to speed up the receipt of funds by the insured and to extend the grace period for renewals of Standard Flood Insurance Policies (SFIP). The announcements include: Advance Payments can be made to policyholders (FEMA Bulletin w-17056) Verbal and […]

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Hurricane Maria FDIC Regulatory Relief Guidance

October 5, 2017

FDIC Update The Federal Deposit Insurance Corporation (FDIC) issued a statement urging supervised financial institutions to work constructively, consistent with safe-and-sound banking practices and within reason when dealing with customers negatively impacted by Hurricane Maria. The FDIC explained that sensible adjustments to loans in affected communities will not be subject to examiner criticism. The full […]

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NFIP Flood Insurance Manual Updated

October 2, 2017

FEMA published the revised NFIP Flood Insurance Manual with changes that will become effective October 1, 2017. Proctor Financial would like to draw attention to the following: Revised Refund Rules for the HFIAA Surcharge  FEMA will allow pro-rated Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) surcharge refunds for policies eligible to receive premium refunds […]

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Fannie and Freddie Hurricane Assistance Updates

October 2, 2017

Fannie Mae and Freddie Mac have issued guidance extending requirements and relief options available to eligible borrowers located in qualified disaster areas impacted by all hurricanes occurring in the U.S. and its territories on or after August 25, 2017, and through the 2017 hurricane season.  Before the recent announcement the previously approved relief options were […]

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Florida Hurricane Irma Emergency Order Cancellation and Non-Renewal Moratorium

September 22, 2017

In response to recent catastrophic events of Hurricane Irma, the Florida Office of Insurance Regulation issued an Emergency Order suspending certain provisions of the Florida Insurance Code, including those related to cancellation and non-renewal of insurance policies. The Emergency Order is applicable to all lines of insurance coverage that are subject to regulation under Florida […]

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Texas

September 22, 2017

The Texas Department of Insurance (TDI) released multiple bulletins in response to Hurricane Harvey, including: B-0009-17 – Premium Payments Grace Period, which encourages carriers to provide relief to policyholders in counties affected by the Hurricane. The Bulletin asks carriers to temporarily suspend premium payment requirements to allow continuing insurance coverage.  The bulletin does not provide […]

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VA

September 22, 2017

The Department of Veterans Affairs published circulars to announce policies related to forbearance requests, moratoriums on foreclosures, late charge waivers, credit and VA reporting, and a special forbearance specific to National Guard Members who experience financial difficulties as a result of their service with recovery efforts associated with specific natural disasters. For complete details, please […]

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OCC Updates Flood Disaster Protection Act Booklet Of Comptroller’s Handbook

September 22, 2017

The Office of the Comptroller of the Currency (OCC) issued a revised Flood Disaster Protection Act (FDPA) booklet of the Comptroller’s Handbook.   The revised booklet replaces the prior version dated May 1999. The FDPA booklet applies to all national banks, federal savings associations, and federal branches and agencies of foreign banks (collectively, banks) and covers […]

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Hurricane Irma Emergency Disaster Aid and Short-Term NFIP Reauthorization

September 22, 2017

Today, President Donald Trump received legislation that both the Senate and U.S. House of Representatives passed which raises the government’s borrowing authority, funds federal programs, such as the short-term extension of the National Flood Insurance Program, through December 8, 2017, and provides $15.25 billion in emergency disaster aid. Legislators hurried to approve the legislation in […]

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