Flood Insurance Reform Act of 2011: report (to accompany H.R. 1309) (including cost estimate of the Congressional Budget Office)
December 6th, 2011
Flood Insurance Reform Act of 2011: report (to accompany H.R. 1309) (including cost estimate of the Congressional Budget Office)
Original publisher: [Washington, D.C.: U.S. G.P.O., 2011] LC Number: KF32 .F55 2011f OCLC Number: (OCoLC)740923314 Subject: Flood insurance — Law and legislation — United States. Excerpt: …such coverage is not required for the property pursuant to the applicability of the amendment made by paragraph (1). (b) Termination of Force-Placed Insurance.–Section 102(e) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(e)) is amended– (1) in paragraph (2), by striking “insurance.’ and inserting “insurance, including premiums or fees incurred for coverage beginning on the date on which flood insurance coverage lapsed or did not provide a sufficient coverage amount.’; (2) by redesignating paragraphs (3) and (4) as paragraphs (5) and 6), respectively; and (3) by inserting after paragraph (2) the following new paragraphs: “(3) Termination of force-placed insurance.–Within 30 days of receipt by the lender or servicer of a confirmation of a borrower’s existing flood insurance coverage, the lender or servicer shall– “(A) terminate the force-placed insurance; and “(B) refund to the borrower all force-placed insurance premiums paid by the borrower during any period during which the borrower’s flood insurance coverage and the force-placed flood insurance coverage were each in effect, and any related fees charged to the borrower with respect to the force-placed insurance during such period. “(4) Sufficiency of demonstration.–For purposes of confirming a borrower’s existing flood insurance coverage, a lender or servicer for a loan shall accept from the borrower an insurance policy declarations page that includes the existing flood insurance pol…
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