Requirement to purchase flood insurance where available.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (2) (3) (i) Provides coverage in the amount required by paragraph (a) of this section; (ii) Is issued by an insurer that is licensed, admitted, or otherwise approved to engage in the business of insurance by the insurance regulator of the State or jurisdiction in which the (iii) Covers both the mortgagor(s) and the mortgagee(s) as loss payees, except in the case of a policy that is provided by a condominium association, cooperative, homeowners association, or other applicable group and for which the premium is paid by the condominium association, cooperative, homeowners association, or other applicable group as a common expense; and (iv) Provides sufficient protection of the designated loan, consistent with general safety and soundness principles, and the System institution documents its conclusion regarding sufficiency of the protection of the loan in writing. (4) (i) The FCA has determined that such plans qualify as flood insurance for purposes of the Act; (ii) The plan provides coverage in the amount required by paragraph (a) of this section; (iii) The plan covers both the mortgagor(s) and the mortgagee(s) as loss payees; and (iv) The plan provides sufficient protection of the designated loan, consistent with general safety and soundness principles, and the System institution documents its conclusion regarding sufficiency of the protection of the loan in writing.

official document · source cfr-2024 · id 12:§ 614.4930