Compliance Alliance Question of the Week
The private flood insurance regulations have a provision requiring an insured to file suit not later than one year after the date of a written denial for all or part of a claim under a policy, but the policy we’re looking at does not contain this provision. Is this policy acceptable if it meets the other criteria?
Unfortunately, it does have to have the provision regarding filing suit no later than 1 year.
The bank may still be able to accept it under discretionary acceptance provisions though.
Commenters asserted that the section of the proposed definition stating that a policy must require an insured to file suit not later than one year after the date of a written denial of all or part of a claim under the policy would disqualify private policies with different or no statutes of limitations. However, this provision also is part of the statutory definition, and, therefore, the Agencies are retaining it in the final rule.
You can also find that in our checklist:
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