In just a couple of years, “ESG” (environmental, social and governance) has gone from an obscure acronym to a term regularly bandied about in the news, as insurers and financial institutions face legal scrutiny into their investing practices.

A little more than a year ago, we addressed the trend of laws that divest state assets

In a surprising shift from its current position, Fannie Mae is expected to roll out a pilot program this spring that waives title insurance requirements for certain loans sold to Fannie Mae, according to a recent report from Politico. While the specifics of the plan have not been announced, this pilot program comes on

Effective December 21, 2022, the Federal Housing Administration (FHA) amended its regulation at 24 C.F.R. §  203.16a to allow FHA borrowers to purchase private flood insurance for properties located in Special Flood Hazard Areas. Previously, the FHA rule only permitted borrowers to purchase flood insurance policies issued through the National Flood Insurance Program (NFIP). The

The Future of the National Flood Insurance Program – A Legislative UpdateCongress has reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022.  Prior to this most recent temporary reauthorization, the NFIP had been set to expire on December 3, 2021. Since 2017, there have been 18 temporary reauthorizations as more comprehensive and permanent legislative solutions to the program have failed to gain traction in

Property Insurance Claims and Loss Drafts: Mortgage Servicer Obligations Under the GSE Security InstrumentAs homeowners file insurance claims for property damage following Hurricane Ida and with Hurricane Larry threatening the northeast coast, mortgage servicers are facing an influx of insurance proceeds or loss draft funds. To avoid borrower litigation and to protect against potential liability to borrowers and investors, mortgage servicers must ensure that all loss draft activities

FEMA Releases Flood Insurance Rating Methodology Under Risk Rating 2.0On April 1, 2021, FEMA released its highly anticipated flood insurance rating methodology, Risk Rating 2.0-Equity in Action.

FEMA first announced “Risk Rating 2.0-Equity in Action” in March 2019 as an effort to improve flood maps and offer rates that are fair, easy to understand, and more aligned with a property’s unique flood risks. The

New Cyber Insurance Risk Framework Provides Best Practices for the Insurance IndustryThe cyber insurance market size is currently valued in the billions, and this does not include insurance policies that do not explicitly mention cyber incidents but may nevertheless cover them. With this in mind, policyholders and insurance carriers should be aware of the recently released Cyber Insurance Framework (the “Framework”) issued by the New York

New York DFS Turns Up the Heat with Climate Change BulletinThe New York Department of Financial Services (DFS) has issued a bulletin on climate change and financial risks to the financial institutions and insurance companies it supervises regarding the impact of climate change on those institutions. DFS asserts that “[f]inancial risks from climate change are unprecedented” and notes a warning from the Bank for International

In the Strangest Year Ever, We’re Very Thankful and Wish You a Happy Thanksgiving

As everyone steps away from their (home) office to celebrate Thanksgiving, we wanted to count our blessings as we review this truly remarkable and unusual year. In addition to frontline healthcare workers, good WI-FI, food delivery services, and finally finding a mask that is comfortable, we are also thankful for the following:

1. The CARES