44 CFR 62.5 - Premium refund.

§ 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]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code
Presidential Documents

Executive Order ... 12127

Reorganization ... 1978 Plan No. 3

Title 44 published on 2015-11-10

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 44 CFR Part 62 after this date.

  • 2016-11-23; vol. 81 # 226 - Wednesday, November 23, 2016
    1. 81 FR 84483 - National Flood Insurance Program (NFIP): Financial Assistance/Subsidy Arrangement
      GPO FDSys XML | Text
      DEPARTMENT OF HOMELAND SECURITY, Federal Emergency Management Agency
      Final rule.
      This final rule is effective December 23, 2016.
      44 CFR Part 62
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