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W. Va. Big ‘I’ members to hear about mandates, regulations during Feb. 12-13 legislative discussions

An update describing local, state and national industry and government issues, focusing on the latest legislative topics affecting the insurance industry and independent insurance agents in West Virginia will be held during the Feb. 12-13 annual state legislative conference Insurance Day program held by the Professional Independent Insurance Agents of West Virginia in Charleston.

A forum and discussion on “Legislative Mandates and Regulations: What do these mean for you?” will kick off the Feb. 12 first general session at 1:30 p.m.

“In the wake of the severe 2005 hurricane season and the damage and destruction that followed, legislators and regulators are taking a serious look at the insurance industry,” explained Gray Marion, PIAWV executive vice president. “They are also scrutinizing agents’ responsibilities to provide consumers with adequate information about flood insurance to allow them to make informed, appropriate decisions when purchasing flood coverage.

“As congress looks to strongly enforce and/or extend the National Flood Insurance Reform Act of 2004, discussions are taking place among the Insurance Commissioner, Homeland Security, FEMA and mortgagees to make mandatory requirements of insurance agents to provide flood coverage to customers,” Marion said. “Discus-sions regarding penalties and E&O claims that may result if agents do not provide this product for their customers are also taking place.”

Marion said additional talks are underway to make mandatory CE requirements for flood insurance coverage. West Vir-ginia’s governor has indicated that flood preparedness efforts will be one of his administration’s top priorities.

“This seminar will show independent agents how to protect themselves, their clients and their property,” Marion explained. “Discussions will provide independent insurance agents with a detailed briefing on recent changes in the National Flood Insurance Program, the effect on West Virginia’s insurance agents and consumers, as well as insights into the performance of the program in the aftermath of Hurricane Katrina.”

Guest speakers will include Robert L. Perry, Virginia Department of Military Affairs & Public Safety Division of Homeland Security & Emer-gency Management; Richard J. Sobota, Computer Sciences Corp. regional manager; Tom Barton, West Virginia Insurance Commission, assistant to Com-missioner; J. David Daniel, Daniel and Eustis Insurance, IIABA Executive Committee member.

Insurance Com-missioner Jane Cline will be the first of five speakers to discuss the state’s insurance and business climate during a Feb. 13 general session. She will review the present state of the Insurance Commission and discuss the impact of adding hundreds of new employees for the Workers’ Compensation Commission.

After Commissioner Cline’s presentation, results of a recent survey of member businesses, done by the West Virginia Chamber of Commerce will be presented.

Topics Agencies Flood Virginia West Virginia