Almost 10 years ago, the US adopted uniform licensing standards and guidelines for travel agents and other sellers of travel insurance set forth by the National Association of Insurance Commissioners (NAIC). Following that, ITIJ spoke with a number of associations that were jointly responsible for that decision to try and uncover why it had taken so long for the country to introduce such measures.
Now, in 2020, we’re pleased to report that Florida is the latest state to adopt a version of NAIC’s Travel Insurance Model Act after Florida Governor Ron DeSantis approved Senate Bill 1606 on 20 June 2020. The Florida legislation came into effect on 1 July.
In line with Florida’s adoption of the NAIC Travel Insurance Model Act, all travel industry participants (including travel agencies, tour operators and cruise lines) that offer travel insurance along with their travel services are required to consider numerous aspects of the travel protection industry through: form and rate filing; sales and marketing; licensing; the sale of travel protection plans that incorporate insurance and non-insurance products and services such as cancellation waivers or assistance services; and payment of premium tax.
Those concerned should review their business practices and those of entities acting on their behalf or distributing their products to ensure that they comply with the applicable regulatory requirements set out by the state of Florida.