Federal Issues & Resources
FEMA to Discontinue the rebating of Agents’ Commissions:
FEMA recently announced that it will no longer allow insurance agents to offer rebates on amounts paid for flood insurance in Florida. In a memorandum dated April 4, 2012, the Federal Government will end the practice of providing associations with rebates on flood insurance premiums, effective October 1, 2012.
The Federal Government has instructed Write Your Own (WYO) flood carriers to stop allowing agents to rebate any portion of their commission. This prohibits the rebating of commissions on all new or renewal NFIP policies.
The Federal Insurance and Mitigation Administration concluded that the goals of the National Flood Insurance program are better served by a system of uniform national pricing that will ensure that policyholders pay the same price for the same risk.
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