National Flood Insurance Program Changes Effective October 1, 2013
The Biggert-Waters Flood Insurance Reform Act of 2012 (BW 12) will require modifications to the NFIP Flood Insurance Manual, Policy Forms, Transaction Record Reporting and Processing (TRRP) Plan, and the Edit Specifications document. Highlights of the Program Changes effective October 1, 2013, include the following:
- Revised premium rates;
- New Reserve Fund assessment;
- Exclusion of certain properties from receiving subsidized premium rates;
- No extension of subsidy to new policies or lapsed policies;
- Increased Federal Policy Fee;
- Updated requirements for new business Applications and TRRP Plan; and
- NFIP Form changes.
Employee Coverage Notices - Deadline October 1, 2013
Most employers, even small business employers, will be required to provide a notice to their employees by October 1, 2013 of the coverage options under the Fair Labor Standard Act (FLSA). The Affordable Care Act (ACA) requires that employers provide written notice of available healthcare coverage options to their existing employees by October 1, 2013 regardless of whether the company offers healthcare coverage.
For more information on this required Notice and model notices for your use from the U.S. Department of Labor for:
1. Employers who offer a health plan to some or all employees
2. Employers who do not offer a health plan
3. COBRA election notice
go to: http://www.dol.gov/ebsa/healthreform under the heading of "Notice to Employees of Coverage Options".
Additional information for employers and employees regarding the ACA can be found at www.healthcare.gov and www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home
The Independent Insurance Agents and Brokers of Arizona's Technical Affairs Department is in the business of improving the products you sell to better enable you to meet the competitive challenges of today's marketplace and to provide the coverage insurance customers desire. Our work also frequently reduces the errors and omissions exposures agents face. Primary to our success, however, is the Integral role independent agents play in the interactive and pro-active process through which we influence the content of the insurance products used in the marketplace.
Changes in technology, living styles and customes require constant evolution of insurance products. We scrutinize the products you sell to ensure that they provide the coverage for which they were intended. When they do not provide that coverage, or are ambiguous in their meaning, we negotiate with the Insurance Service Offices (ISO) and the other major rating and advisory organizations to affect necessary changes in policy forms, endorsements, manual rules and technical regulations. To use a popular ad slogan of one company, "We don't make the products you sell; we make the products you sell better."
We have developed an extensive Technical Affairs Network at the national, state and regional levels to assist in resolving your technical concerns. If you have a problem with a particular coverage form or policy interpretation, then it is likely that many of your fellow agents share your concerns. You can utilize the Ask A Technical Question and the staff will e-mail your response back to you. Or if your problem is more complicated you can send a detailed fax with your concern to: Technical Affairs at 602-468-1392.
Ask A Technical Question
If you have any questions regarding an insurance coverage or any other techical issues, e-mail your question to: email@example.com and your questions will be promptly answered.