Emily Carr
By Emily Carr on August 19, 2022

Force Placed Insurance Regulations: 2022 Changes

Here at Miniter Group, we are no strangers to the ever-changing force placed insurance regulations. As a matter of fact, we find joy in diving deep into the latest regulatory updates that affect our industry. 

With the recent release of the Interagency Flood Q&As, flood regulation has become the hottest topic in our industry in 2022. So, it was no surprise that we just had to attend the National Flood Conference in Washington, D.C., back in June. 

It was three days of back-to-back flood-focused sessions led by some of the most respected professionals in the industry, which included a panel of five federal banking regulator representatives that were willing to provide their perspectives on the Interagency Flood Q&As. Needless to say, we came back with so much information we absolutely cannot keep it to ourselves.

Miniter Group Hosts Four-Part Flood Regulation Webinar Series

With this plethora of new information, Miniter Group decided to host a four-part webinar series beginning in September.

These webinars will address flood regulation in 2022 as it applies to the force placed insurance industry with a heavy focus on the Interagency Q&As. 

While we are excited to share the information we gathered from the National Flood Conference throughout our webinar series, we also recognize the importance of due diligence. 

Accordingly, our compliance team has performed an extensive review of the 263-page document. We are prepared to present reliable information to our audience that will be useful when addressing flood regulation in your lending compliance program.

Force Placed Insurance Regulations: 2022 Changes

So, what changed in 2022? To put it simply: a lot. 

In our four-part webinar series focusing on force placed insurance regulations, we will take a deep dive into:

  • the Interagency Flood Q&As released in May 2022,
  • where the Agencies re-organized, revised, and added Q&As to the previous guidance issued in 2009 and 2011. 

The Joint Agencies’ 2022 guidance document consists of: 

  • 67 new Q&As
  • 38 revised, 
  • and 39 with no change, for a total of 144 Q&As. 

Of the 67 new Q&As, 24 specifically address private flood insurance and 10 address force placement requirements. 

Each webinar in this series will provide information to help your lending compliance team address flood regulation in 2022.

  1. We will kick off the series with a detailed review of the changes made to the Flood Q&As in our first webinar, 2022 Flood Regulation: Understanding the Interagency Flood Q&As

  2. In our second webinar, 2022 Flood Regulation: Private Flood Insurance & Lender Flood Compliance, we will direct our focus to private flood insurance regulation and spotlight the Q&As that will impact your compliance program.

  3. Our third webinar, 2022 Flood Regulation: Commercial Flood Insurance & Lender Flood Compliance, will address commercial flood insurance, focusing heavily on the highly debated topic of collateral valuation for multi-collateral and cross-collateral commercial real estate lending.

  4. Finally, we will conclude our series by gathering our lending community together to address flood regulation concerns in our fourth webinar, 2022 Flood Regulation: Town Hall for Loan Servicers, where our panel of industry experts will provide answers to real questions submitted by lenders from the previous three webinars.

If you are a Loan Servicing Manager, Compliance Officer, or Consumer Risk Manager, then this is a series you do not want to miss! 

Published by Emily Carr August 19, 2022
Emily Carr