Skip to main content
  1. News
  2. Business & Finance
  3. Personal Finance

Flood insurance delays, NARAB has been approved by Senate!

See also

Despite opposition from portions of the insurance industry, the Senate chose to go ahead with a bill that would effectively delay massive flood insurance premium hikes, for four years. The legislation is should benefit thousands of home and business owners if passed by the more reserved House of Representatives.

More Photos

The 67-32 vote approved a version of the bill without a proposed amendment, that would have capped rate increases at 25% per year until the premium reflected FEMA’s actuarial pricing.

A provision establishing the National Association of Registered Agents and Brokers (NARAB) has also survived significant alterations in its passage. NARAB will establish a federal and state run board that allows for independent insurance producers to apply for multi-state licensing.

Joel Wood, the senior vice president of government relations at the Council of Insurance Agents and Brokers, has stressed that the bill’s passage does not mean that producers will be required to obtain a license through NARAB in order to assist clients in multiple states.

“Nothing compels you to go to NARAB. It’s completely optional,” Wood told Insurance Business. “If you want to be licensed to sell insurance in 40 different jurisdictions, you’re free to do that on a state-by-state basis. Honestly, I think in some places, that will be the most attractive option.”

The National Association of Insurance and Financial Advisors (NAIFA) President John Nichols has also greeted the news cheerfully, commenting:

“Senate passage of NARAB II is a win for insurance agents and brokers, but more importantly it’s a win for consumers. Relationships forged between agents and their clients are important and often last for decades. These relationships are built on trust, consumer confidence, and superior service. They shouldn’t have to end simply because a client moves to a different state. Under the bill, if your agent is a NARAB member and you move to another state, then you can keep your agent.”

NAIFA also added that a survey of its members revealed they're spending an average of 29 hours annually complying with insurance licensing requirements, and spending $350 on insurance-specific continuing education courses.

Sourch: Insurance Business America - "Flood insurance delays, NARAB approve by Senate"

More information on Flood insurance & changes can be found at: http://homeinsuranceguru.com/

This is a waterfront property search covering Clearwater, New Port Richey & Tampa, Florida

Josh Parker is the Team Leader of ProFusion Property Group at Keller Williams Realty, Inc., located in Trinity, FL, and an active Tampa YPN Committee Member. ProFusion Property Group specializes in the listing & sale of residential real estate all over Pinellas, Pasco & Hillsborough County. His team has successfully sold over 175 units for their clients in 2012, while maintaining an exceptional “sold price to list price” statistic of 99.08%. For more information, free tips, and free home searches, please visit Josh & the ProFusion Team at www.profusionpg.com!

Advertisement

News

  • Ukraine
    Ukrainians have photo evidence that connect Russian soldiers to unrest in the country
    Video
    Watch Video
  • Drone strikes in Yemen
    An estimated 65 al-Qaeda militants were killed in drone strikes over the weekend
    World News
  • FBI investigates stowaway
    After a teen snuck into a plane's landing gear, the FBI will reevaluate airport security
    Headlines
  • American wins Boston Marathon
    Meb Keflezighi becomes the first American to win the Boston Marathon in decades
    Sports
  • Search for MH370
    As the search for MH370 in the ocean goes dim, crews may shift the search area yet again
    Headlines
  • Ferry disaster claims over 100 lives
    The death toll for the South Korean ferry disaster rises above 100
    Video
    Watch Video

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!