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PIA Files Comments on Private Flood Rule

PIA Files Comments on Private Flood Rule
January 11, 2017

PIA National has filed comments with multiple federal agencies regarding the implementation of the private flood insurance provisions of the Biggert-Waters Act. Our comments are in response to a Notice of Proposed Rulemaking as they pertain to regulated mortgage lending institutions that service properties in special flood hazard areas (SFHAs).

The provisions seek to clarify and explain the definition of “private flood insurance” set forth in Biggert-Waters, provide guidance to lenders about when they must and when they may accept private flood insurance policies in lieu of the standard National Flood Insurance Program policy, and set forth criteria by which a lender may compare a private flood policy to an NFIP policy and determine it to be “at least as broad as” the NFIP policy.

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