413.01E
Ratings
All property and liability insurance carriers for renewal policies must have the following ratings by A.M. Best Company:
- General Policyholder Rating of A- or better; and
- Financial Size Category of VII or better.
Rating requirements do not apply to policies issued:
- through State-sponsored insurance programs; or
- by insurers participating in NFIPNFIPProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. .
Per the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , even if the policy has not yet expired, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must require the BorrowerBorrowerPerson who is the obligor per the Note. to immediately obtain replacement coverage with a compliant carrier if the carrier is downgraded below B++ by A.M. Best Company.