The Federal Emergency Management Agency (FEMA) resumed the sale of new insurance policies and the renewal of expiring policies under the National Flood Insurance Program (NFIP). Congress passed ICBA-supported legislation reauthorizing the NFIP until May 31 before breaking for the 2018 holiday recess. FEMA’s announcement rescinded the previous December 26 guidance directing industry partners to suspend flood insurance sales operations due to the lapse in annual appropriations under the partial government shutdown.
ICBA and other financial services groups reiterated their calls for banking regulators to revise a 2016 proposed rule on private flood insurance. In a joint letter ahead of the expected release of a final rule next month, the organizations provided six recommendations on mandatory coverage terms, contractual provisions, state law compliance, and more.