[Code of Federal Regulations]
[Title 44, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 44CFR62.5]

[Page 317]
 
              TITLE 44--EMERGENCY MANAGEMENT AND ASSISTANCE
 
             CHAPTER I--FEDERAL EMERGENCY MANAGEMENT AGENCY
 
PART 62--SALE OF INSURANCE AND ADJUSTMENT OF CLAIMS--Table of Contents
 
                     Subpart A--Issuance of Policies
 
Sec. 62.5  Premium refund.

    A Standard Flood Insurance Policyholder whose property has been 
determined not to be in a special hazard area after the map revision or 
a Letter of Map Amendment under part 70 of this subchapter may cancel 
the policy within the current policy year provided (a) he was required 
to purchase or to maintain flood insurance coverage, or both, as a 
condition for financial assistance, and (b) his property was located in 
an identified special hazard area as represented on an effective FHBM or 
FIRM when the financial assistance was provided. If no claim under the 
policy has been paid or is pending, the full premium shall be refunded 
for the current policy year, and for an additional policy year where the 
insured had been required to renew the policy during the period when a 
revised map was being reprinted. A Standard Flood Insurance Policyholder 
may cancel a policy having a term of three (3) years, on an anniversary 
date, where the reason for the cancellation is that a policy of flood 
insurance has been obtained or is being obtained in substitution for the 
NFIP policy and the NFIP obtains a written concurrence in the 
cancellation from any mortgage of which the NFIP has actual notice; or 
the policyholder has extinguishing the insured mortgage debt and is no 
longer required by the mortgagee to maintain the coverage. In such 
event, the premium refund shall be pro rata but with retention of the 
expense constant.

[43 FR 2573, Jan. 17, 1978. Redesignated at 44 FR 31177, May 31, 1979, 
as amended at 49 FR 33658, Aug. 24, 1984; 53 FR 16279, May 6, 1988]