Checklists are designed to simplify tasks, ensure compliance and document action taken.
On July 6, 2012 Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters). On March 23, 2014 Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). Interagency final rules were generally effective as of October 1, 2015, but escrow requirements for flood insurance premiums and revisions to the Flood Hazard Notice were effective January 1, 2016.
The Flood Insurance Detached Structure Exemption Checklist helps financial institutions assess and document the availability of the detached structure exemption for specific transactions as required by the revised flood insurance rules.