The American Bankers Association and eight associations today asked the Federal Emergency Management Agency to extend the deadline for public comment on its proposed rule to revise the Standard Flood Insurance Policy form, saying more time is needed for stakeholders to understand the range of changes under consideration.
The SFIP defines the coverage, limitations and exclusions for NFIP policies and includes terms and conditions that are unique to the program. FEMA has not substantially updated the SFIP since 2000, but in February proposed several revisions to the form. In their letter, the associations said due to the extent and importance of the proposed changes, it is imperative that all aspects and impacts related to those changes be thoroughly identified.
