New Regulations in the Industry
The good people at visitors insurance provides peace of mind and security when traveling. This type of coverage is aimed at providing comprehensive insurance for those who are visiting the United States and traveling abroad. There are a variety of different plans available for any type of trip. These include single trips for cruises, backpacking and hunting along with many other activities. The amount of coverage you receive will depend on the policy selected.
It’s becoming safer for agents to sell this kind of insurance. For many years, respectable agents have sold it that protects their clients vacations when something go wrong. This could be a natural disaster or a serious illness amongst other things.
Confusing state regulations
Confusing and conflicting state regulations meant that agents selling policies could unwittingly find themselves in violation of state insurance licensing laws. This was because agents had to comply with 40 or more different regulations which was time consuming, subject to error and might according to ASTA cost an agency tens of thousands of dollars if they failed to comply correctly..
Very recently some states have removes those barriers making the sale of insurance less risky for agents. One of them is California. Virginia and Washington are soon to change their regulations, and it is anticipated many more states will follow such as: Florida, Kentucky and Minnesota and eventually many, many more.
Campaign by the U.S. Travel Insurance Association (USTIA)
These changes have come about thanks to the US Travel Insurance Association (USTIA). USTIA have been working hard campaigning tirelessly on 20 states to change their regulations regarding visitor insurance.
The aim is for states to let agents to sell visitors insurance without a license. Many states were forced to have a ‘limited line license. The business is already before many state legislatures right now, and in the next couple of months it is hoped there more victories for travel agents.
The new license rules will let agents use the license of the companies whose policies they’re selling.
This will simplify matters and make the job of offering policies to their clients less risky. The legislation in no way affects the cover offered to clients which remains the same as before.