September 12th, 2006 by Megan Mahan
It seems that students aren’t the only ones heading back to school this year. The Insurance Journal reported today that states are looking to beef up agent education in one very important area: flood insurance.
IJ reports that the National Association of Insurance Commissioners (NAIC) has adopted a “model bulletin” for insurance professionals who offer flood insurance through the nation’s National Flood Insurance Program (NFIP). The effort relates to the 2004 Flood Insurance Reform Act, which requires flood insurance producers to bone up on the intricacies of flood coverage–the need for which dramatically spiked with the Gulf tragedies in 2005.
Now, the Federal Emergency Management Agency (FEMA) and state departments are developing continuing education classes for insurance professionals. New continuing-ed requirements include satisfying a certain number of NFIP-related courses; failure to comply with these requirements may result in an agent losing his or her ability to write flood insurance policies through the NFIP.
What’s this mean for you?
Additional agent training and education always bodes well for consumers. Among other chief objectives, the Flood Insurance Reform Act is geared towards consumer satisfaction–helping Americans get the best service possible from their insurance professional.