Flood Insurance
Review & Update

March 1, 2012 • 1:30-3:30 pm CT

Speaker: Jack Holzknecht
The examiners will start assessing financial institutions under the enhanced authentication expectations in January of 2012.  This webinar reviews the new guidance and what it means to your bank.

Following the incalculable losses from storms in recent years, the federal government is focusing much attention on flood insurance. The bank regulatory agencies are increasing already heightened efforts to ferret out violations. No other aspect of the compliance examination consistently receives such close scrutiny, and many financial institutions have paid penalties.  Most of the violations involve a basic misunderstanding of the rules of coverage and other requirements.  Common violations involve incorrect completion of the standard flood hazard determination form, failure to require flood insurance, and the failure to deliver the notice of special flood hazards.

Recently the OCC, FDIC, Federal Reserve, Farm Credit Administration, and the NCUA issued revised interagency questions and answers regarding flood insurance. The two final and three proposed questions and answers clarify rules relating to insurable value and force placement.

Highlights
•  Requirements of the Flood Disaster Protection Act including:
    - Coverage and exemptions
    - Documentation requirements
    - Form completion
    - Insurance requirements
•   Basics of flood maps, LOMAs, LOMRs, and flood policy provisions
•  Special situations: Condominiums, coops, and timeshares; construction loans; escrow rules; and force placement

Registration Fees:

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