The financial regulatory agencies’ joint rule on private flood insurance acceptance took effect on Monday, July 1. The rule is the long-awaited implementation of the 2012 Biggert Waters Act provision that requires federally-regulated lending institutions to accept private flood insurance policies that meet certain statutory criteria, in satisfaction of the mandatory purchase requirement.
ABA has prepared a staff analysis of the private flood insurance regulations. The six-page paper summarizes and analyzes the provisions of the final rule, including the definition of private flood insurance, the compliance aid, mandatory and discretionary acceptance and cceptance of policies issued by mutual aid societies. A previously recorded webinar on the private flood rule is also available for purchase.
For more information, or to join ABA’s flood insurance compliance working group, contact ABA's Diana Banks.