When should we consider a flood insurance policy to have “lapsed”?
The flood insurance policy lapses as of its expiration date or the date of cancellation. Although some policies provide a “grace period” after expiration, the Bank should still consider the policy to have lapsed as of the expiration date and not as of the final day of the grace period.
Compliance Alliance offers a comprehensive suite of compliance management solutions.
To learn how to put them to work for your bank, call (888) 353-3933 or email email@example.com.