The NCUA is among five federal regulatory agencies that on Wednesday jointly issued revised Q&As regarding federal flood insurance law and implementing regulations.
These Q&As replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As reflect significant changes to the flood insurance requirements made by federal law in recent years, according to the NCUA.
The Q&As cover a broad of technical flood insurance topics, including the escrow of flood insurance premiums, the detached structure exemption to the flood insurance purchase requirement, force placement procedures and private flood insurance.
In addition, the agencies reorganized the Q&As by topic to make it easier for users to find and review information related to flood insurance, according to the NCUA.