Answer:
In 2012, Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters) to amend the federal flood insurance statutes and also to stimulate the private flood insurance market. Final rules for private flood insurance were announced by the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Farm Credit Administration (the Agencies). While it took seven years for the rules to be announced in January 2019, the mandatory compliance date was July 1, 2019.
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Learn more about Susan Costonis’s webinar Flood Insurance Fundamentals – Passing the next Compliance Exam
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