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Friday, April 5, 2019

New Private Flood Insurance Rules Effective July 1, 2019: Policy, Procedures & Compliance

Start Date: 4/5/2019 9:00 AM MDT
End Date: 10/5/2019 10:30 AM MDT


Organization Name: Independent Bankers of Colorado

Contact:
Tara F. Hunter
Email: thunter@ibcbanks.org
Phone: 303-832-2000

New Private Flood Insurance Rules Effective July 1, 2019: Policy, Procedures & Compliance **MORNING WEBINAR**
9:00 am – 10:30 am MT

After a five-year wait, the final rules on private flood insurance have finally been released! The rules implement a portion of the Biggert-Waters Flood Insurance Reform Act that defines “private flood insurance.” This is meant to provide borrowers with more flood insurance options – which also brings more compliance requirements. Compliance and lending staff must be ready by the July 1, 2019, effective date – before regulators start focusing on this area.

Examiners will be expecting sample policy, written procedures, and monitoring checklists. This webinar will cover the final rule’s requirements and present them as sample policy. Prepare your staff now with this mustattend session that will provide the training and tools needed to ensure your compliance standards are complete and correct. 

HIGHLIGHTS 

  • Basic requirements
  • Standards for requirements for coverage
  • Compliance aid elements in the final rule (to help you discern a complete policy)
  • Responsibilities for “discretionary acceptance”
  • How to ensure the private insurance policy is similar to coverage provided under the Standard Flood Insurance Policy (SFIP)
  • TAKE-AWAY TOOLKIT
    • Manual in procedural language as a template for developing policy and procedures
    • Audit procedures for private insurance requirements
    • Checklist to ensure a private insurance policy contains the required information and coverage
    • Employee training log o Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for compliance officers, lending personnel, and auditors.

Continuing Education: Attendance verification for CE credits upon request.

NOTE:  All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

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