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Financial Institution Letter
Mandatory Purchase of Flood Insurance 2007 Edition of FEMA Booklet
December 6, 2007
Notes
 
Summary: The Federal Emergency Management Agency (FEMA) has released an updated electronic edition of its booklet Mandatory Purchase of Flood Insurance Guidelines .

Highlights:

  • The 2007 edition of FEMA's flood insurance booklet has been released and can be downloaded at http://www.fema.gov/library/viewRecord.do?id=2954 . A print version of the booklet can be ordered by calling 1-800-480-2520.
  • This booklet clarifies some of the complex issues that have arisen since the 1999 edition. It also highlights certain program changes, including:
    • Processing of Letters of Map Change.
    • Options for purchasing coverage for buildings under construction.
    • Coverage under Residential Condominium Building Association Policies (RCBAP).
    • A new requirement to list the Replacement Cost Value on the declarations page of each RCBAP.
    • Updated Mortgage Portfolio Protection Program information.

Distribution:
FDIC-Supervised Banks (Commercial and
Savings)

Suggested Routing:
Chief Executive Officer
Compliance Officer
Loan Officers
Auditors

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2007/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).



FIL-106-2007
Last Updated: December 6, 2007