The long-awaited private flood insurance rule is now here. The Biggert-Waters Act of 2012 required the Agencies to issue a rule to direct regulated lending institutions to accept private flood insurance, as defined by the Biggert-Waters Act, and to notify borrowers of the availability of flood insurance coverage issued by private insurers. There was an original proposal in 2013 regarding private flood insurance, which was later re-proposed in November 2016. The November 2016 Proposed Rule significantly revised the October 2013 Proposed Rule. The final rule is effective July 1, 2019.