Over last few years the Consumer Financial Protection Bureau (CFPB) has rolled out many new rules that banks are required to follow. One of those rules calls for a series of notices to customers when the insurance that covers the collateral on their loan lapses or cancels, or the bank does not have current evidence of insurance coverage. In many cases, you may have changed companies or agents and we simply have not yet been notified.
To help manage these complex regulatory requirements and to ensure our customers have current collateral insurance coverage, Community National Bank has recently partnered with Allied Solutions, LLC. Allied Solutions is located in Carmel, Indiana and specializes in monitoring, verifying and updating insurance policy information.
Allied will collect the following information, all of which can be found on your policy declarations page:
- The insurance agency’s name, mailing address and phone number
- Insurance policy number
- Coverage amount
Your policy should also list Community National Bank as mortgagee to ensure that Allied can continue to track your coverage for the life of your loan. The mortgagee clause reads as follows:
Community National Bank ISAOA, ATIMA
PO Box 458
Carmel, IN 46082
If you are contacted to supply updated insurance information, you may provide your information in the manner most convenient for you:
- Mail a copy of your insurance policy to Community National Bank, PO Box 458, Carmel, IN 46082.
- Ask your agent to fax a copy of your policy to 1-800-881-8678 or call 1-800-998-0762 and deliver the information to a representative
- Go online to www.myinsuranceinfo.com to enter your insurance information
If you have any questions about updating insurance policy information please call 1-800-998-0762 to reach the Allied Solutions insurance center.
Lastly, we caution you that much of the insurance notice is “model” language required by regulation and we are not at liberty to change it. If you receive a notice, you may find the notice very direct and somewhat harsh, just not what you’re used to from CNB, for that we apologize. We’d change it if we could.
As always, thank you for letting Community National Bank meet your financing needs.