share$447,125
Oriental Bank pays $447,125 for flood insurance violations
Issued by FDIC
§ 3974. Policies entitled to protection and lapse of policies
{Section 404 of the Act.]
(a) DETERMINATION- The Secretary of Veterans Affairs shall determine whether a policy is entitled to protection under this subchapter and shall notify the insured and the insurer of that determination.
(b) LAPSE PROTECTION- A policy that the Secretary determines is entitled to protection under this subchapter shall not lapse or otherwise terminate or be forfeited for the nonpayment of a premium, or interest or indebtedness on a premium, after the date on which the application for protection is received by the Secretary.
(c) TIME APPLICATION- The protection provided by this subchapter applies during the insured’s period of military service and for a period of two years thereafter.
First published on:
07/16/2015