WYO Companies authorized (Write Your Own arrangement, adjustment, settlement, payment and defense of flood claims, claims appeals, FEMA review)

What this document is

44 C.F.R. s. 62.23 - WYO Companies authorized (Write Your Own arrangement, adjustment, settlement, payment and defense of flood claims, claims appeals, FEMA review) is a regulation published by Federal Emergency Management Agency (Code of Federal Regulations, Title 44). It is one of the documents that insurance license exam questions are written from, including personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 44 C.F.R. 62.23(g) (WYO Companies authorized, fiscal agent status)

  “(g) A WYO Company shall act as a fiscal agent of the Federal Government, but not as its general agent. WYO Companies are solely responsible for their obligations to their insured under any flood insurance policies issued under agreements entered into with the Federal Insurance Administrator, such...”

• 44 C.F.R. 62.23(h)(6) (WYO underwriting procedures, separate policy form)

  “(6) Flood insurance coverage will be issued by the WYO Company on a separate policy form and will not be added, by endorsement, to the Company's other property insurance forms.”

• 44 C.F.R. 62.23(h)(8) (WYO underwriting procedures, assumption of business and concurrent expiration)

  “(8) NFIP business will not be assumed by the WYO Companies at any time other than at renewal time, at which time the insurance producer may submit the business to the WYO Company as new business. However, it is permissible to cancel and rewrite flood policies to obtain concurrent expiration dates...”

• 44 C.F.R. 62.23(l)(1) (WYO Mortgage Portfolio Protection Program)

  “(1) WYO Companies may, on a voluntary basis, elect to participate in the Mortgage Portfolio Protection Program (MPPP), under which they can offer, as a last resort, flood insurance at special high rates, sufficient to recover the full cost of this program in recognition of the uncertainty as to the...”

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