Insurance agents selling flood-insurance policies will no longer be allowed to cede a portion of their commissions to property owners to induce them to purchase insurance—a practice known as insurance rebating.
The Federal Emergency Management Agency (FEMA) announced in an April 4 bulletin that the new policy will be effective Oct. 1. The bulletin says the Federal Insurance and Mitigation Administration (FIMA) had received inquiries from interested parties regarding the practice.
According to a notice provided to National Association of Professional Insurance Agents members, FEMA acted at the request of the association and individual agents.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
