Big Law

Lending institutions must accept private flood insurance

Five federal banking agencies finalized regulations mandating the acceptance of private flood insurance in lieu of flood insurance issued under the National Flood Insurance Program (“NFIP”) when flood insurance is required.

The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, and the National Credit Union Administration ruled that the policy must satisfy the statutory definition for private flood insurance under the Biggert-Waters Flood Insurance Act of 2012 (the “Biggert-Waters Act”). 

Read the source article at Legal News & Business Law News

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