This scenario has happened twice recently.
We get a flood insurance application signed by the agent and dated 4-19-10. We pay the premium at closing with a bank check dated the day of closing, which is 4-20-10. We make the check payable to the local agent and send it to him.
When we receive the Declarations Page for the policy, the policy is dated 4-22-10, which is after our loan closing.
A rep at NFIP told us they date the policy using the date on the check.
Has anyone else experienced this? Is this acceptable to the regulators? If not, how can we ensure the policy is dated to coincide with our loan?

The policy is not effective until 12:01 AM (if I recall correctly) of the day after the application and payment for the premium is received. Your check is dated 4/20/10 (date of payment), 12:01 AM of the day after receipt and payment would be 4/22/10.

The only way to insure you have insurance in place before closing the loan is to require it to be paid for prior to the closing.