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The National Flood Insurance Program: The Private Flood Insurance Rule

The National Flood Insurance Program: The Private Flood Insurance Rule

Prime 5.0

Created by   HSI - Health & Safety Institute

Category   General   >   General

Duration 8 minutes
Audience Employees

Description

Concerns regarding long-term fiscal soundness of the NFIP led to Congress passing the Biggert-Waters Flood Insurance Reform Act of 2012. The idea was to stimulate the private flood insurance market by mandating that lenders accept private flood insurance in satisfaction of someone's flood insurance purchase requirement. Although financial institutions were told they needed to accept private flood insurance, there was confusion as to how to implement this mandate. In January of 2019, a long-awaited final rule was approved that implements certain provisions of Biggert-Waters and clarifies the legal standards regarding lenders' acceptance of private flood insurance, going into effect in July of 2019. In this course, we'll discuss what's required under this rule.

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English

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HSI - Health & Safety Institute

Making the Workplace Safer and Smarter
HSI (Health & Safety Institute) is a recognized leader in Environmental, Health and Safety (EHS) and workforce development software, training, and compliance solutions.
HSI is your single-source partner for EHS, Compliance, and Professional Development solutions. HSI provides integrated e-learning content, training solutions, and cloud-based software designed to enable your business to improve safety, operations, and employee development. Across all industries, we help safety and technical managers, human resources, first responders, and operational leaders train and develop their workforce, keep workers safe, and meet regulatory and operational compliance requirements. We are a unique partner that offers a suite of cloud-based software solutions including learning management, safety management, chemical SDS management, and more, integrated with our content and training so businesses can not only monitor and manage multiple workflows in one system, but train employees via one partner.
The National Flood Insurance Program: The Private Flood Insurance Rule
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