Private Flood Insurance Checklist

Back in August, we added sample Private Flood Insurance Procedures to the free Lending Tools page of our website. 

These sample procedures were designed to give you a starting point or framework to help you develop procedures for your institution.  We encourage you to take these procedures and tweak as needed.

The procedures include a Private Flood Insurance Checklist that will help walk you through the process when a borrower presents you with a private flood insurance policy.

Listen to the video as Diane walks you through the checklist and gives some tips to assist you in the process.

Published
2019/10/23
Diane Dean

Want more FREE Lending Regulation TOOLS? Find them all here – https://store.bankerscompliance.com/link/LendingFD

Private Flood Insurance Procedures

Are the Private Flood Insurance requirements causing you headaches?  If so, we can help! 

Check out the Private Flood Insurance Procedures (with checklist) available now as a Free Download on our website! 

These are just a guide to get you started so feel free to take these procedures and customize them for your institution!

If you need more on these requirements, be sure to check out our New Private Flood Insurance Rules webinar that is available on-demand.

Published
2019/08/29
Diane Dean

Private Flood Insurance: Disparate Impact?

What do fair lending and disparate impact have to do with the new private flood insurance rules?

 

July 1, 2019, is the “go date” for the new private flood insurance requirements, which basically say that if a borrower provides the bank with a private flood insurance policy and it meets the definition of private flood insurance under the Rule, the bank is required to accept it.

 

Now it’s not quite that simple but you get the idea.

 

Since the Rule came out; however, there have been some evolutions. One of the things that keeps coming up is the issue of fair lending and disparate impact.

Within the Rule, there are two types of private policies where a bank is allowed to apply discretion with respect to whether or not they want to accept the private policy.

 

Listen to the video as Jerod explains more.

 

 

 

Since we are in the business of providing solutions, we’ve put together a last-minute webinar on the Private Flood Insurance Rules that will be held on May 29, 2019.  We’ll spend 30 minutes giving you the latest and greatest information we have.  We’ll look at the requirements and the evolution since the Final Rule was issued.  All this in time so you have time to adjust your program/procedures if necessary.

 

Register NOW!

 

Published
2019/05/21
Jerod Moyer

 

Want to find out more about Flood Insurance? See the regulation page here. https://www.bankerscompliance.com/banking-regulations-compliance-services/reviews-2/flood/

Private Flood Insurance: Compliance Aide Statement Confusion

The industry is beginning to adapt to the New Private Flood Insurance Rules as we get closer to the July 1, 2019 mandatory compliance date.  We have alreadyBSA Training and Banking Regulations Compliance Consulting kevin3 - Private Flood Insurance: Compliance Aide Statement Confusion discussed this new Rule in previous blogs but there is one recent development that has caused some confusion.

 

The new Rule mentions a Compliance Aide Statement that lenders may rely on when they are looking at a private policy.  Specifically, if a private policy contains the statement, a lender may accept the policy.

We’ve recently seen a few private flood policies that include the Compliance Aide Statement but it is followed by a disclaimer stating that “the insurer is not licensed in the state or jurisdiction in which the property is located”.  The Rule also requires that private policies can only be accepted from licensed insurers!

 

BSA Training and Banking Regulations Compliance Consulting AdobeStock 126466736 300x229 - Private Flood Insurance: Compliance Aide Statement ConfusionSo, what gives?

 

In some cases, it appears that the “unlicensed insurer” is actually working with a local insurance agent or broker who IS licensed in the state.  There is also flexibility with policies issued by “surplus lines insurers”.  These are usually a large insurance company (like Lloyd’s of London, for example) that insure areas that a regular insurance company will not.  The key is to have a surplus lines insurer that is “not disapproved” by the insurance regulator.

 

In short, if you see such a disclaimer, don’t panic.  The Compliance Aide Statement was designed to make it easier to evaluate the policy and you can rely upon it.

 

We will be addressing this issue and much, much more regarding private insurance in our “New Private Flood Insurance Rules” webinar on May 29th!

 

 

Register NOW!

 

Published
2019/05/01
Kevin Edwards

 

Want to know more about Flood? https://www.bankerscompliance.com/banking-regulations-compliance-services/reviews-2/flood/

 

Private Flood Insurance – It is not going to be that easy

https://vimeo.com/315511820

BSA Training and Banking Regulations Compliance Consulting Screen Shot 2019 02 07 at 12.15.53 PM - Private Flood Insurance - It is not going to be that easy
We respect your time. All you need to know in 30 Minutes.

The new private flood insurance rules are finally here!  One thing to note is that they specifically dictate that a lender cannot reject a private flood insurance policy simply because it doesn’t include the compliance aid statement. This means, you are still going to have to understand the criteria and do your due diligence when a private flood insurance policy is provided to determine whether or not you must accept it relative to the mandatory acceptance conditions.   

 

If you didn’t know the rules just came out or you want to learn what they are all about, you’re in luck! 

We have put together a 30-minute webinar to get you up to speed and give you everything you need to know about these new requirements.

We hope to see you there. Register today!  We can’t wait to see you there!

Published
2019/02/07
Jerod Moyer