This online course, Flood Disaster Protection Act: Private Insurance, will discuss the specific details regarding the mandatory and discretionary acceptance of private flood insurance as well as private flood insurance offered by mutual aid societies. This course is intended for all residential mortgage lenders and support staff as well as compliance and operations personnel who monitor flood insurance requirements.
On February 12, 2019, the Agencies published a joint final rule implementing the provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 requiring regulated institutions to accept certain private flood insurance policies in addition to the National Flood Insurance Program policies. The Flood Disaster Protection Act requires banks to accept certain private flood insurance policies in addition to National Flood Insurance Program policies when flood insurance is required.
Course Learning Objectives
By taking this online Flood Disaster Protection Act: Private Insurance course, the user will learn to:
- Define private flood insurance
- Define a mutual aid society
- Know which private flood insurance policies are required and which are optional
- Ensure the private insurance policy the bank receives and accepts is compliant
This online Flood Disaster Protection Act: Private Insurance course is made up of the following sections:
- Mandatory Acceptance
- Discretionary Acceptance
- Mutual Aid Society Acceptance
This Flood Disaster Protection Act: Private Insurance online training course was designed for bank employees.
If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.