In March of 2021, the OCC, FRB, FDIC, Farm Credit, and NCUA issued new interagency questions and answers pertaining to private flood insurance requirements. The Q&A addressed mandatory and discretionary acceptance of private flood insurance policies and general compliance issues surrounding the private flood insurance requirements. The Regulatory agencies accepted comments on the new Q&A for 60 days following its release.
On May 17, 2021, Financial services trade organizations jointly submitted comments on the interagency private flood insurance Q&A proposed by the financial regulatory agencies. The comments generally address the Q&A’s in the format set forth by the agencies as follows: Mandatory Acceptance, Discretionary acceptance, and General compliance.