ProBank Flood Inssurance Compliance 2022 (B) | ProBank Austin | 15 December 2022 | Online

The flood insurance regulation is a compliance topic that is often a source of confusion and anxiety, as requirements are frequently vague and violations may devolve into civil money penalties. We also struggle with insurance companies/agents and with business/commercial lenders who push back at the requirements. Institutions are regularly frustrated with understanding this vitally important regulation but must be aware of the breadth of the flood insurance requirements and the potential pitfalls they may face.

This three-hour session will provide a review of the fundamental obligations that financial institutions have with complying with the flood regulations, including: making the determination of whether flood insurance is required, notification requirements, how much insurance is required, force-placement, the detached structure exemption, escrow, and notice requirements. We will also review the areas that perhaps give us the most trouble – the issues that we’ve always had as well as aspects of the private flood insurance rule and how it may be difficult.

We’ll not only review the regulations but the ever-important Interagency Q&As for which the agencies have proposed revisions (and, if the agencies finalize their revisions by the time of the session, we’ll incorporate any changes or additional clarifications) and review certain portions of the Flood Insurance Manual.

HERE IS WHAT YOU WILL LEARN:
• When the institution must make a flood determination and when it can rely on a previous determination;
• When notice must be provided, and what the notice must include;
• Calculation of required insurance;
• What is insurable value?
• Multiple buildings; Contents coverage;
• HELOCs; Subordinate liens;
• Residential Condominium Association Policies (determining sufficiency);
• LODR/LOMA/LOMR;
• Detached structure exemption;
• What type of evidence is sufficient;
• How to resolve discrepancies;
• Escrow requirements;
• Force-placement;
• Private flood insurance; and
• Civil money penalties.

2022 Speakers

Anetria Cohen
Vice President, ProBank Austin