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#1608034 - 09/23/11 05:56 PM How to handle force placement if NFIP Expires?
iliniyak Offline
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Joined: Jan 2008
Posts: 285
We have the unfortunate coincidence that a large number of our flood policies are set to expire in early October. IF the NFIP is not renewed in time what would be the best way to handle the force placement process?

Should we continue sending the 45 day notice once the policy expires (customer cannot purchase a new policy during lapse) or should we wait and send the 45 notice out when the NFIP is renewed?

Any examples of how this was handled in your past experiences would be appreciated as well. Thank you

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Flood Compliance
#1608312 - 09/24/11 12:57 AM Re: How to handle force placement if NFIP Expires? iliniyak
rlcarey Offline
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rlcarey
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Galveston, TX
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1608332 - 09/24/11 01:51 PM Re: How to handle force placement if NFIP Expires? rlcarey
iliniyak Offline
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Joined: Jan 2008
Posts: 285
Thank you. I didn't have this FIL in my material.

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#1608407 - 09/26/11 01:37 PM Re: How to handle force placement if NFIP Expires? rlcarey
LFTbanker Offline
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Posts: 137
Interesting, has anything been put out by the OCC? I don't recall seeing anything, but wondered if the agencies were treating this in a uniform way.

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#1611187 - 09/30/11 04:45 PM Re: How to handle force placement if NFIP Expires? LFTbanker
Dan Persfull Offline
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Dan Persfull
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Posts: 47,532
Bloomington, IN
Originally Posted By: LFTbanker
Interesting, has anything been put out by the OCC? I don't recall seeing anything, but wondered if the agencies were treating this in a uniform way.



http://www.occ.gov/news-issuances/bulletins/2010/bulletin-2010-20.html
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1611523 - 10/01/11 06:29 PM Re: How to handle force placement if NFIP Expires? Dan Persfull
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
It's a moot point for at least six weeks again.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1611560 - 10/03/11 12:51 PM Re: How to handle force placement if NFIP Expires? rlcarey
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Yes, I know, but at least LFT will have a reference when it rolls around again.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1611730 - 10/03/11 06:07 PM Re: How to handle force placement if NFIP Expires? Dan Persfull
LFTbanker Offline
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Joined: Dec 2008
Posts: 137
Thanks for the link, that was just what I was looking for.

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