Flood Insurance Essentials

Sep 25, 2018
IBA Center for Professional Development
Program Overview: 

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Flood Insurance rules have changed continuously over the past few years. On July 6, 2012 Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters). On March 23, 2014 Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). The Affordability Act revises certain sections of Biggert-Waters, eliminates or delays other sections and creates new rules. 

Since 2012, FEMA and the financial institution regulatory agencies (OCC, Federal Reserve Board, FDIC, Farm Credit Administration and NCUA) have been working on regulations to implement the numerous changes. The interagency final rules were published in June 2015. 

The final rule implements certain provisions that were established under the Affordability Act such as the requirement to escrow for flood insurance premiums on residential improved real estate securing a loan, as well as, an exemption for mandatory flood insurance for specific detached structures.  In addition to the requirements established by the Affordability Act, the final rule implements provisions of the Biggert-Waters regarding the force placement of flood insurance.  

The final rule was generally effective as of October 1, 2015, but the escrow requirement for flood insurance payments were effective January 1, 2016. Requirements for private flood insurance have been proposed but are still pending.


Upon completion of this program, participants understand recent actions including:

  • The requirements of the Biggert-Waters Flood Insurance Reform Act;
  • The requirements of the Homeowner Flood Insurance Affordability Act;
  • The requirements of the Interagency Final Rules including:
    • The exemption from coverage for any structure that is part of a residential property but is detached from the primary residential structure and does not serve as a residence;
    • The requirement to escrow flood insurance premiums on residential improved real estate or a mobile home securing a loan that is made, increased, renewed, or extended as of January 1, 2016;
    • The exemptions from the escrow requirements;
    • The revised Flood Hazard notice;
    • The requirement to offer the option to escrow flood insurance premiums and fees on loans outstanding as of January 1, 2016; and
    • The revisions to the rules for force-placing flood insurance;
  • The proposed rules that require lenders to accept private flood insurance;
  • The current status of the National Flood Insurance Program;
  • A review of recent cases that resulted in penalties for flood insurance violations; and
  • Creating and maintaining a flood insurance compliance management system

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 42 years. In 37 years as a trainer over 130,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner.  He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.



8:30 a.m.                   Registration & Continental Breakfast
9:00 a.m.                   Program Begins
12:00 Noon                 Lunch (included)
1:00 p.m.                   Program Resumes
4:00 p.m.                   Program Adjourns


This seminar will be held at the IBA Center for Professional Development, 8425 Woodfield Crossing Blvd. Suite 155E, Indianapolis, IN 46240. A list of hotels are available by calling 317-387-9380 or by looking online at the bottom of our website's home page at www.indianabankers.org.


The following fees include the program, materials, lunch and refreshments:

$325 IBA Members
$155 Each Additional IBA Member
$650 Non-Members

Participation in IBA programs is limited to members, associate members, and nonmembers from an eligible membership category at applicable member or non-member rates.

Additional Information: 


The program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in obtaining and maintaining flood insurance on mortgage loans. 


This program explains the new laws and final regulations. Participants receive a detailed manual that serves as a handbook long after the program is completed.


Association Contact: 

For more information please contact Elizabeth Kilty via e-mail at ekilty@indianabankers.org or call 317-387-9380.

Cancellation Policy: 

Within three or more business days prior to the day of an educational program, no cancellation charge will be assessed. Within two days prior, 50% of the fee is assessed.  Refunds are not provided for cancellations 1 day prior or absences on the day of the program.  Substitutions are welcome at any time.

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