Louisiana Department of Insurance Response to Severe Flooding

August 19, 2016

August 19, 2016 In response to recent catastrophic flooding, the Louisiana Department of Insurance issued Emergency Rule 27 on August 18th, which suspends certain provisions of the Louisiana Insurance Code, including those related to cancellation, non-renewal, premium payment and claim filings. Rule 27 is applicable to all types of insurance written by entities authorized to […]

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CFPB Updates Rules for Force Placed Insurance Notifications

August 8, 2016

August 8, 2016 On August 4th, the Consumer Financial Protection Bureau (CFPB) issued final rules for mortgage servicers which include updates to force placed insurance notifications. The final rule amends the CFPB’s 2013 Mortgage Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X), pursuant to which the CFPB mandated requirements for force placed […]

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Fannie Mae Property Insurance Reimbursement Limits

June 9, 2016

June 9, 2016 On June 8th, Fannie Mae issued Announcement SVC-2016-05., which updated the Servicing Guide related to property insurance reimbursement limits for third-party foreclosure sales and short sales. Property insurance premiums will be reimbursed for Fannie Mae’s share for up to 14 days after: The closing date for a short sale; or Fannie’s insurable […]

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House Passes Private Flood Policy Bill

May 2, 2016

May 2, 2016 On April 28th, The US House of Representatives passed the Ross-Murphy Flood Insurance Market Parity and Modernization Act (HR 2901). If the bill passes in the Senate, it will greatly simplify the criteria servicers must use to determine acceptability of a borrower’s private flood insurance policy. Existing flood laws require private insurance […]

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Fannie Mae Flood Insurance Coverage Requirements Clarification

March 30, 2016

March 30, 2016 On March 29th, Fannie Mae issued Ann. SEL 2016-03 in part to clarify Project Development flood insurance coverage requirements found in the Selling Guide. The Selling Guide is revised as follows: Fannie Mae clarified that flood insurance is not required for equipment and machinery that are owned in common by the association, […]

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Maryland Insurance Administration Releases Bulletin January 26, 2016

January 27, 2016

In response to the severe winter storm, the Maryland Insurance Administration issued Bulletin 16-05 addressing cancellations of insurance policies. Unlike other recently released bulletins that required moratoriums on cancellations of insurance policies, this bulletin “encourages” insurers to offer reasonable accommodations to impacted policy holders, including, but not limited to, grace periods for payment of premiums.

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Illinois Emergency Order and Emergency Insurance Regulations Released December 29, 2015

January 7, 2016

The Illinois Department of Insurance issued a Company Bulletin 2015-13 in response to the recent severe flooding event. The purpose of the Bulletin is to implement safeguards for consumers facing difficulties because of the flooding. The Bulletin applies to all lines of insurance. In summary, the Bulletin provides: A moratorium on cancellations and non-renewals of […]

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Fannie Mae and Freddie Mac Change Lender-Placed Insurance Deductible Requirements

October 20, 2015

Fannie Mae and Freddie Mac Change Lender-Placed Insurance Deductible Requirements On October 14, 2015, Fannie Mae released Servicing Guide Announcement (SVC-2015-13) and Freddie Mac released Bulletin 2015-18 that included requirements for new lender-placed hazard insurance deductibles. The Announcement and Bulletin require lender placed deductibles based on the amount of insurance coverage: $1,000 deductible for coverage […]

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South Carolina Emergency Order and Emergency Insurance Regulations Released October 9, 2015

October 15, 2015

The South Carolina Department of Insurance issued an Emergency Regulation in response to the recent severe weather event. The purpose of the Emergency Regulations is to facilitate the state’s recovery and to protect insureds affected by the disaster. The Emergency Regulation applies to insureds residing in the counties named in the federal disaster declaration. However, […]

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