The Biggert-Waters Act of 2012 defines “private flood insurance” and directs the agencies that regulate private lenders (the OCC, Federal Reserve Board, FDIC, Farm Credit Administration and National Credit Union Administration) to require private lenders to accept private flood insurance for properties that would qualify for the National Flood Insurance Program. This final rule imposes that requirement. It also allows a lender to conclude that a policy meets the definition of “private flood insurance” without further review if the policy says it meets the definition. It allows lenders to choose to accept flood insurance policies issued by private insurers under certain conditions, even if the policies do not meet the definition of “private flood insurance.”