After a five - year wait, the final rules on private flood
insurance have finally been released! The rules implement a
portion of the Biggert - Waters Flood Insurance Reform Act that
defines “private flood insurance.” This is meant to provide borrowers
with more flood insurance options – which also brings
more com pliance requirements. Compliance and lending staff
must be ready by the July 1, 2019, effective date –
before regulators start focusing on this area.
Examiners will be
expecting sample policy, written procedures, and monitoring checklists. This
webinar will cover the final rule’s requirements and present them as
sample policy. Prepare your staff now with this must -
attend session that will provide the training and tools needed to ensure
your compliance standards are complete and correct.
- Basic requirements
Standards for requirements for coverage
- Compliance aid
elements in the final rule (to help you discern a complete policy)
Responsibilities for “discretionary acceptance”
- How to
ensure the private insurance policy is similar to coverage provided
under the Standard Flood Insurance Policy (SFIP)
Ann Brode- Harner, Brode Consulting Services, Inc.