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 must-attend session that will provide the training and tools needed to ensure your compliance standards are complete and correct.
- 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
- 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.
SPEAKER: Ann Brode-Harner, Brode Consulting Services, Inc.
Ann Brode-Harner began her career in 1973 and has continued her service as a consultant to regional and community financial institutions through a wide range of areas including strategic planning, lending, deposits, marketing, training, compliance, and management. Ann is a well-respected presenter and has spoken to audiences across the country for over 30 years. She has presented sessions for numerous state associations and has taught at the School of Banking Administration at the University of Wisconsin as well as many other state banking schools. Ann is the author of The Bank Deposit Documentation Manual for Front-Line Personnel published by Bankers Publishing Company, and is well represented in numerous industry publications.