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Study reveals brokers are less costly option for sub-prime borrowers

National Mortgage Professional
Feb 26, 2007

FEMA publishes final rule on flood insurance claims appeals processMortgagePress.comFEMA,flood insurance claims The U.S. Department of Homeland Security's Federal Emergency Management Agency (FEMA) has published the final rule amending the National Flood Insurance Program's (NFIP's) regulations, providing for an appeals process for flood insurance policyholders. The final rule (RIN 1660 AA41) fulfills a key provision of the Bunning Bereuter Blumenauer Flood Insurance Reform Act of 2004 (P.L. 108 264). "This new appeals process gives NFIP insurance policyholders specific steps to appeal a claims decision and provides them with an official mechanism to have their case heard by the federal flood insurance administrator," said David Maurstad, federal flood insurance administrator and director of FEMA's mitigation division. "FEMA has traditionally used an informal process to handle appeals regarding decisions related to coverage or claims under the NFIP. For our customers, this makes the process clearer and easier for them to appeal if they feel they've not been treated equitably. This written policy is consistent with our goal of making sure all claims handled by our insurance company partners are done as quickly and equitably as possible." Under the new appeals process, FEMA will acknowledge receipt of a policyholder's appeal in writing and will advise the policyholder if additional information is required in order to fully consider the appeal. FEMA will review the documentation submitted by the policyholder and conduct any necessary additional investigation. FEMA will advise the policyholder and the appropriate flood insurance carrier of its decision regarding the appeal. This appeals process is available after the issuance of the insurer's final claim determination. Once the final claim determination is issued, a policyholder may appeal any action taken by an insurer, FEMA employee, FEMA contractor, insurance agent or insurance adjuster. The appeal must be filed within 60 days of receiving the final claim determination. The appeals process does not preclude the policyholder's right to enter into litigation, if he so chooses. For more information, visit www.fema.gov.
Published
Feb 26, 2007
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