Video Webinar: Private Flood Insurance 2019 Final Rule
On February 20, 2019, the joint agencies issued a final rule requiring lending institutions to accept “private flood insurance.” This long-awaited rule was mandated by the Biggert-Waters Act of 2012 and amended by the Homeowner Flood Insurance Affordability Act of 2014. Among other things, the final rule requires applicable lenders to accept a flood policy if it meets the definition of “private flood insurance.”
While the final rule is fairly short in length, there are some complexities that applicable financial institutions should be aware of. For example, if the “compliance aid” is not present, financial institutions must conduct a review of a private flood insurance policy to determine if it meets the definition of “private flood insurance,” and if it does, the policy must be accepted. As compliance with the rule is required by 7/1/19, financial institutions should take action now to ensure they are ready for the July 2019 implementation date.
This program would be beneficial for compliance officers, auditors, and those responsible for managing the flood insurance program. Note: This program is the exact version from Part II of our 1Q 2019 Quarterly Compliance Review, meaning those that purchased that product already have this material. This program is designed for those who specialize in lending and may not want the full Quarterly Compliance Update program.