NFIP Reauthorization to September 2021

October 2, 2020

Yesterday, the U.S. Senate approved the Continuing Appropriations Act, 2021 and Other Extensions Act. This legislation, H.R. 8337, was previously passed by the U.S. House of Representatives last week and was signed into law by President Trump prior to the midnight deadline avoiding a possible government shutdown. With the passage of this bill, the National […]

Read More

NFIP Reauthorization Update

September 30, 2020

Recently, Proctor brought to your attention the U.S. House of Representatives-approved continuing resolution, H.R. 8337, that, if passed by Congress in its current state, would extend the National Flood Insurance Program (NFIP) until September 30, 2021. The Senate will resume debate on this bill this afternoon. A final vote is expected by tomorrow before current […]

Read More

Alabama Department of Insurance Response to Hurricane Sally

September 30, 2020

In response to Hurricane Sally, the Governor of Alabama declared a state of emergency on September 14, 2020. Subsequently, the Department of Insurance issued Bulletin 2020-18, which suspends certain provisions of the Alabama Insurance Code, including those related to cancellation, nonrenewal, premium payment, and claim filings. The order is directed to all property and casualty, […]

Read More

NFIP Reauthorization Update

September 28, 2020

The House voted to approve a continuing resolution (CR) this week that, if passed by Congress, would extend the National Flood Insurance Program (NFIP) until September 30, 2021. As this bill has not yet been approved by the Senate, changes to the term of the extension could still occur. In the absence of further action by Congress, […]

Read More

Oregon Wildfire Relief

September 25, 2020

Oregon Department of Insurance Response to Wildfires  In response to recent wildfires, the Governor of Oregon proclaimed a statewide state of emergency. Subsequently, the Department of Insurance issued a Wildlife Emergency Order which suspends certain provisions of the Oregon Insurance Code, including those related to cancellation, nonrenewal, premium payment, and claim filings. The Order is directed […]

Read More

Puerto Rico Condo Policy Revisions

September 25, 2020

The Chief Deputy Insurance Commissioner of Puerto Rico issued a Ruling Letter (CN-2020-285-D) regarding condominium insurance and the rights of the unit owners to insure units on their own behalf. The Ruling Letter went into effect immediately and applies to both new policies and renewals. The Letter clarifies that, according to Section 62 of Act […]

Read More

Flood Insurance Legislation – NY AB 1669

July 29, 2020

Recently, Proctor Financial brought to your attention legislation proposed in New York that would place restrictions on flood insurance required by mortgagees. Proctor would like to spotlight another similar proposal, NY AB 1669, that is currently with the Committee on Judiciary. The act would prohibit mortgagees from requiring mortgagors of certain pieces of real property […]

Read More

New York Flood Insurance Legislation

July 27, 2020

Proctor Financial’s Compliance Team is actively tracking proposed legislation in the New York legislature.  New York AB 4770-A and its companion bill SB4629-A would place restrictions on flood insurance required by mortgagees.  Specifically, the bills prohibit mortgagees from requiring the purchase of flood insurance that exceeds the unpaid balance of the loan or includes contents […]

Read More

Fannie Mae and Freddie Mac Insurance – Related Updates (Nov 18, 2019)

July 13, 2020

Fannie Mae Servicer Requirements Regarding Acquired Property In efforts to simplify the servicer’s process, Fannie Mae issued Bulletin 2019-07, announcing Guide updates pertaining to servicer responsibilities in situations where Fannie acquires the property. Presently, for conventional first- and second-lien mortgage loans, the required timeframe during which the servicer must cancel an applicable property insurance and/or […]

Read More

Agencies Propose Revisions to Flood Q&As

June 30, 2020

The five federal agencies (FDIC, OCC, FRB, NCUA, and Farm Credit Administration – collectively, Agencies) issued a request for public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The existing Q&As were last updated almost a decade ago in 2011. The Agencies’ proposal includes new Q&As covering topics, including but not […]

Read More



Next Page »