February 2019
New Rule Covers Private Flood Insurance
WASHINGTON—Five federal regulatory agencies issued a joint final rule (Opens new window) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 requiring regulated institutions to accept certain private flood insurance policies in addition to National Flood Insurance Program policies.
The rule, which takes effect July 1, 2019:
- Implements the Biggert-Waters Act requirement that regulated lending institutions accept private flood insurance policies that satisfy criteria specified in the Act;
- Allows institutions to rely on an insurer’s written assurances in a private flood insurance policy stating the criteria are met;
- Clarifies that institutions may, under certain conditions, accept private flood insurance policies that do not meet the Biggert-Waters Act criteria; and
- Allows institutions to accept certain flood coverage plans provided by mutual aid societies, subject to agency approval.
Regulations implementing the federal flood insurance statutes prohibit regulated lending institutions from making loans secured by improved real property located in special flood hazard areas unless the property has adequate flood insurance coverage.
Agency | Contact | Phone |
---|---|---|
Agency Federal Reserve Board |
Contact Susan Stawick |
Phone 202.452.2955 |
Agency FCA |
Contact Toni DeLancey |
Phone 703.883.4056 |
Agency FDIC |
Contact David Barr |
Phone 202.898.6992 |
Agency NCUA |
Contact John Fairbanks |
Phone 703.518.6330 |
Agency OCC |
Contact Bryan Hubbard |
Phone 202.649.6870 |
Latest News
The National Credit Union Administration Board held its fourth open meeting of 2025 and received…
2 min read
As Prepared for Delivery on July 24, 2025
Opening Statement for the Board Meeting
Before we begin…
2 min read
ALEXANDRIA, Va. (July 22, 2025) – The National Credit Union Administration (NCUA) today released…
1 min read
ALEXANDRIA, VA (July 17, 2025) – The National Credit Union Administration Board will hold a meeting…
1 min read