The National Association of Insurance Commissioners (NAIC) has adopted a model bulletin regarding training requirements for insurance producers who offer policies through the National Flood Insurance Program (NFIP).
This effort relates to Section 207 of the Flood Insurance Reform Act of 2004, which requires all producers, with a property line of authority, selling flood insurance policies under the NFIP to be properly trained and educated about the program to ensure their clients receive the best service possible.
The Federal Emergency Management Agency and state-approved continuing education providers are developing courses related to the NFIP. The bulletin states that an insurance producer who sells flood insurance may satisfy the minimum training and education requirements by completing a course related to the NFIP, which may be approved for three hours of continuing education credit. The failure to comply with this continuing education requirement may jeopardize the producer’s authority to write insurance through the NFIP.
“This is an important step in the states’ efforts to support FEMA in establishing minimum training and education requirements for all insurance agents who sell flood insurance policies,” said Iowa Commissioner of Insurance Susan Voss.
Was this article valuable?
Here are more articles you may enjoy.