[Code of Federal Regulations]

[Title 44, Volume 1]

[Revised as of October 1, 2006]

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, DEPARTMENT OF HOMELAND 

                                SECURITY

 

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]