; and (B) by striking paragraph (7) and inserting the following new paragraph: (7) Definitions In this section: (A) Flood insurance The term flood insurance means— (i) Federal flood insurance; and (ii) private flood insurance. (B) Federal flood insurance the term Federal flood insurance means an insurance policy made available under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.). (C) Private flood insurance The term private flood insurance means an insurance policy that— (i) is issued by an insurance company that is— (I) licensed, admitted, or otherwise approved to engage in the business of insurance in the State in which the insured building is located, by the insurance regulator of that State; or (II) eligible as a nonadmitted insurer to provide insurance in the home State of the insured, in accordance with sections 521 through 527 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 15 U.S.C. 8201 through 8206); (ii) is issued by an insurance company that is not otherwise disapproved as a surplus lines insurer by the insurance regulator of the State in which the property to be insured is located