In response to the COVID-19 pandemic, the Federal Emergency Management Agency (FEMA) issued Bulletin W-20002 announcing an extension of the premium payment grace period from 30 to 120 days. The bulletin applies to Write Your Own and Direct National Flood Insurance Program (NFIP) policies. The Bulletin provides that policies renewing with an expiration date between February […]

In response to the public health disaster emergency declaration for the novel coronavirus disease (COVID-19), the Alaska Division of Insurance issued a bulletin (Bulletin B 20-08) prohibiting insurers from cancelling insurance policies for nonpayment of premiums. To clarify, this directive does not remove the insureds obligation to pay premiums; instead, it limits policy cancellations for […]

In response to public health disaster emergency declarations for the novel coronavirus disease (COVID-19), some states issued bulletins which prohibit insurers from cancelling or nonrenewing policies for nonpayment of premiums. Recently, Proctor brought to your attention a statewide moratorium issued in Alaska. In addition, we would like to draw your attention to additional states that […]

In response to the recent catastrophic seismic events, the Governor of Puerto Rico issued an Emergency Order (EO-2020-001) on January 7, 2020 declaring a state of emergency that continues until further notice As a result, the Insurance Commissioner published Ruling Letters that provide a temporary postponement on cancellations of insurance policies. While the state of emergency is […]

Yesterday afternoon, the Senate approved the House amendments to H.R. 1865, Further Consolidated Appropriations Act of 2020. The $1.4 trillion spending package extends the National Flood Insurance Program (NFIP) to September 30, 2020, and includes a 7-year extension of the Terrorism Risk Insurance Program to 2027. According to White House representatives, President Trump will sign […]

In response to the recent catastrophic wildfires, the California Department of Insurance (DOI) Commissioner issued a one-year mandatory moratorium on non-renewals, specifically due to wildfire risk, in efforts to assist impacted policyholders, minimize adverse effects on real estate markets, property values and other services offered in the affected communities. Insurers shall not cancel or non-renew for one […]

Yesterday, Congress and the President approved a short-term continuing resolution (H.R. 3055) that continues the current authority of the National Flood Insurance Program (NFIP), without reform, through December 20, 2019. Without congressional action, the NFIP was set to expire at midnight on November 21, 2019. We will monitor this topic and provide updates as they […]

To simplify the post-foreclosure process and reduce Servicers’ expenses, Fannie Mae previously accepted responsibility for the payment of various expenses for acquired properties. The party responsible for payment, in some cases, was dependent upon the date of foreclosure sale or executed Mortgage Release. According to a recent Servicing Notice, unless otherwise directed, Fannie is assuming […]