Flood Insurance

Have you met the federal requirement for selling the NFIP flood insurance product? You are now required to complete an approved 3 hour Flood Insurance Course in order to sell NFIP Flood Insurance. PIA is offering courses in Richmond to help you meet the requirement or we can come to your office and train your entire staff. More classes may be added on an as-needed basis. Contact Lori@piavadc.com to find out more. This class has been approved for 3 PC CE credits.

There are no Flood Insurance classes currently scheduled.

The Bureau of Insurance recently sent licensed agents an Administrative Letter regarding continuing education requirements for agents that sell Flood Insurance through the National Flood Insurance Program (NFIP).

Here’s what you need to know:

Section 207 of the Flood Insurance Reform Act of 2004 requires all agents selling flood insurance policies under the National Flood Insurance Program (NFIP) to be properly trained and educated about the NFIP to ensure that agents are serving their clients to the best of their ability.

An agent who sells flood insurance through the NFIP may satisfy the minimum requirements by completing a course related to the NFIP which has been approved for 3 hours of continuing education credit by the Virginia Insurance Continuing Education Board. Failure to comply with the education requirement may jeopardize the agent’s authority to write insurance through NFIP.

Licensed insurers should be able to demonstrate, upon request, that licensed and appointed agents who sell flood insurance policies have complied with the 3 hour minimum federal flood insurance training requirements. PIA of VA & DC recommends that agents (or a designated employee at the agency) keep proof of CE (a copy of the CE Certificate) for every agent that completes the mandatory training as well as a copy of the course materials received while attending the Flood course in order to demonstrate compliance. The Bureau of Insurance has indicated that while there is not an official deadline for completing this training, it does suggest to complete the training as soon as possible.

At this time, agent licensing CE requirements are not affected. The Flood Insurance training is not necessary to retain your agent’s license. CE licensing requirements remain the same:

P/C Licensed Agents = 16 total credits per biennium; this MUST include 2 hours of Laws and Regulations and at least 8 of the credits must be specific P/C type credits
L/H Licensed Agents = 16 total credits per biennium; this MUST include 2 hours of Laws and Regulations and at least 8 of the credits must be specific L/H type credits
P/C and L/H Licensed Agents = 24 total credits per biennium; this MUST include 2 hours of Laws and Regulations and 8 of the credits must be specific P/C type credits; 8 of the credits must be specific L/H type credits

Additional Resources:

FEMA/NFIP

Virginia Bureau of Insurance

Direct questions to:
   J. Preston Winn, Supervisor
   Agent Licensing Section, BOI
   PO Box 1157
   Richmond, VA 23218
   (804) 371-9631
   (804) 371-9290 fax
   bureauofinsurance@scc.virginia.gov
www.scc.virginia/gov/boi