March 11, 2021, five federal regulatory agencies released 24 new questions and answers regarding private flood insurance. In February 2019, the agencies issued a joint release requiring regulated institutions to accept private flood insurance in addition to National Flood Insurance Program policies. These additional questions and answers are intended to help lenders comply with the February 2019 rule and is in addition to the 118 questions and answers published in July 2020. The new 24 questions and answers focus on topics of mandatory acceptance, discretionary acceptable, and general compliance.
