STATE OF COLORADO DEPARTMENT OF REGULATORY AGENCIES

DIVISION OF INSURANCE 1560 Broadway, Suite 850 Denver, Colorado 80202

Bulletin No. B-1.16 Federal Emergency Management Agency (FEMA) Flood Insurance Training Requirements for Insurance Producers Selling Through the National Flood Insurance Program (NFIP)

I.

Background and Purpose

The purpose of this Bulletin is to advise insurers and insurance producers of training requirements for selling flood insurance through the National Flood Insurance Program (NFIP). Also, to recommend that insurance producers advise homeowners of the availability of flood insurance. Federally-backed flood insurance is available through NFIP, which is administered by the Federal Emergency Management Agency (FEMA). FEMA has implemented the minimum flood insurance training requirements for insurance producers, as set forth in Section 207 of the Flood Insurance Reform Act of 2004, Pub. L. 108-264, (the “Act”). Under the Act, FEMA, in cooperation with state insurance regulators, has developed flood insurance training requirements designed to ensure that insurance producers selling flood insurance under NFIP are properly trained and educated about the program. Bulletins are the Division’s interpretation of existing insurance law or general statements of Division policy. Bulletins themselves establish neither binding norms nor finally determine issues or rights. II.

Applicability and Scope

This bulletin applies to all Colorado resident insurance producers licensed in property and casualty or personal lines of authority that may sell flood insurance. It requires completion of a one-time course related to NFIP that will provide at least three (3) hours of continuing education. III.

Division’s Position

Under these requirements, Colorado licensed insurance producers licensed in property, casualty or personal lines of authority who sell federal flood insurance policies must comply with the minimum training requirements of section 207 of the flood insurance reform act of 2004 and basic flood education as outlined at 70 C.F.R. Sec. 52117, or such later requirements as are published by FEMA. The required one-time federal flood insurance training is minimum three-hour course. Licensed insurers shall demonstrate to the commissioner, upon request, that their licensed and appointed producers who sell federal flood insurance policies have complied with the minimum federal flood insurance training requirements. Insurance producers can get more information about NFIP flood training by visiting FEMA’s NFIP website at www.fema.gov/business/nfip or DOI’s website: www.dora.state.co.us/insurance/producer/producer.htm

B-1.16

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Effective 5/8/2007

IV.

For More Information Colorado Division of Insurance 1560 Broadway, Suite 850 Denver, CO 80202 Tel. 303-894-7499 Internet: http://www.dora.state.co.us/insurance

V.

History • •

B-1.16

Originally issued as bulletin 3-07, March 21, 2007. Reissued May 8, 2007.

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Effective 5/8/2007