Flood insurance rules can impact your regulatory compliance program as well as the safety and soundness of your organization. As a board member, it is important to remember that you are in to the focus of your regulator, and you must make sure that you are employing all of the means and measures available to you to keep the bank's compliance management system strong. Flood insurance has a long history; however, recent changes and updates to these rules (2012, 2014 and others) have introduced a whirlwind of implementation challenges for institutions across the country.
This program will discuss some of the core principals to keep in mind as well as the newest rules that went into effect in July 2019 that will further impact your institution as well as offer opportunities for private flood insurance in addition to the traditional offerings from the federal government.
- Key Flood Insurance Legislation
- Flood Insurance Responsibilities
- Flood Status: Triggering Events
- Designated Loan
- Flood Zone Designations
- Borrower Notices
- 4 Types of NFIP Communities
- Flood Insurance Coverage
- Private Flood Insurance
- Statutory Definition of Private Insurance Policy
- Policy Declarations Page
- Discretionary Policy Acceptance
- Mutual Aid Societies
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