District Circular Letters
July 21, 1998
BANKING SUPERVISION AND REGULATION:
FLOOD INSURANCE
To Compliance Officers
of State Member Banks
in the Twelfth Federal Reserve District
New Edition of FEMA Publication Regarding Flood Insurance
The Federal Emergency Management Agency (FEMA) has released a new version
of its publication, Answers to Questions about the National Flood
Insurance Program. The 63-page booklet, last updated in 1987, provides
basic information about flood insurance and how to obtain it. The publication
addresses all facets of the National Flood Insurance Program (NFIP) administered
by the Federal Insurance Administration, a part of FEMA. It includes sections
on flood insurance requirements for property owners, details of coverage,
procedures for filing claims, and community requirements involving floodplain
management, flood hazard assessments and mapping.
The new version reflects changes mandated by the National Flood Insurance
Reform Act of 1994, which increased coverage ceilings, extended the waiting
period before new policies become effective and strengthened lender compliance
rules, among other provisions.
The booklet also lists other NFIP publications; addresses and telephone
numbers of NFIP and FEMA regional offices and state coordinating agencies;
and sources of technical data and materials including floodplain management
studies, flood insurance rate maps, and flood mitigation guidelines for
individuals and communities.
Under the NFIP, federally backed flood insurance is available in communities
that adopt and enforce floodplain management regulations to reduce future
flood damage. Currently there are more than 3.9 million flood insurance
policies in force in over 18,700 participating communities nationwide,
representing nearly $443 billion worth of coverage.
To order copies of this publication (FIA-2 / November 1997) please write,
phone, or fax your request to
FEMA Distribution Facility
8231 Stayton Drive
Jessup, Maryland 20774
Telephone: (800) 480-2520
Fax: (301) 497-6378
Revisions to Flood Insurance Rate Maps
Enclosed is a FEMA letter regarding revisions to Flood Insurance Rate
Maps (FIRMs). While the letter focuses on revised FIRMs for the Los Angeles
and Sacramento areas, it also includes a policy statement clarifying which
FIRMs to use when revised, but preliminary, FIRMs have been issued.
To Receive FEMA Information
To receive future press releases from FEMA, please fax your institution's
name, address, and fax number to FEMA's Office of Emergency Information
and Media Affairs, at (202) 646-3916. However, as FEMA
issues approximately 300 press releases annually, many institutions prefer
to simply review the press releases on FEMA's Internet page, at www.fema.gov.
The full text of Answers
to Questions about the National Flood Insurance Program is also
available at this site.
Additional Information
For additional information, please contact Mr. Gregory Imm, Consumer
Compliance Liaison, at (415) 974-2953, or Ms. Christiane
Price, Consumer Compliance Liaison, at (415) 974-2955,
both of our Banking Supervision and Regulation Department.
FEDERAL RESERVE BANK OF SAN FRANCISCO
(Please note: The referenced enclosure is not available
on-line.)
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