by (c). This change does not alter the current administration of the program because FEMA immediately complied with the law FEMA also proposes a clarification by removing the second clause of the first sentence of 61.11(e) and 61.11(f) because thse clauses accommodate a Standard business model that the Flood WYO companies no Insurance longer use. This change Policy—New does not alter the current Business administration of the Applications program but rather and provides greater clarity Endorsements for the reader FEMA proposes to codify BW-12 section 100214, which prohibits the application of SFIP Article III.C.3.b.4 (disallowing the payment of a condominium loss assessment on a unit Cost policy if the savings of condominium building $2,048 is underinsured). Prior over 10 to BW-12, FEMA years issued individual ($1,799 at waivers of this provision 3 percent as the need arose. The and $1,539 proposed changes would at 7 delete Article percent 34. SFIP III.C.3.b.4, thus no discount Article III.C longer requiring FEMA Mandatory rates).
Standard Flood Insurance Policy—New Business Applications and Endorsements by (c). This change does not alter the current administration of the program because FEMA immediately complied with the law FEMA also proposes a clarification by removing the second clause of the first sentence of 61.11(e) and 61.11(f) because thse clauses accommodate a business model that the WYO companies no longer use. This change does not alter the current administration of the program but rather provides greater clarity for the reader 34. SFIP Article III.C FEMA proposes to codify BW-12 section 100214, which prohibits the application of SFIP Article III.C.3.b.4 (disallowing the payment of a condominium loss assessment on a unit policy if the condominium building is underinsured). Prior to BW-12, FEMA issued individual waivers of this provision as the need arose. The proposed changes would delete Article III.C.3.b.4, thus no longer requiring FEMA Mandatory Cost savings of $2,048 over 10 years ($1,799 at 3 percent and $1,539 at 7 percent discount rates).
NFIP_rule_changes_summary_for_comments_due_Sept_13_2018.docx