Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program
. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in the Fortune 1000 and being named one of 'America's Best Mid-Size Employers' by Forbes Magazine.
The Write Your Own Program
will no longer contain a non-compete clause, thus allowing insurers, agents, brokers and others to offer and sell private flood insurance.
At the same time, our bill will generate savings by eliminating waste in FEMAs Write Your Own program
. Currently, private insurers selling NFIP policies pocket at least 31 cents of every premium dollar while bearing no financial risk.
While FEMA takes on the financial risk, 86 private insurers market and service NFIP policies under the Write Your Own program
. Insurers and agents are compensated through an annual contract with FEMA/NFIP called "the arrangement," said Donald Griffin, vice president of personal lines with the Property Casualty Insurers Association of America.
Categories: Homeland Security, Advance payments, Claims processing, Expense claims, FEMA Financial Control Plan and Procedures, FEMA National Flood Insurance Program, FEMA Write Your Own Program
, Financial management, Flood insurance, Funds management, Homeowners insurance, Insurance claims, Insurance companies, Insurance cost control, Insurance premiums, Insurance regulation, Program evaluation, Risk assessment, Risk factors, Risk management
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The waiver applies to Standard Flood Insurance Policies issued directly by the Federal Emergency Management Agency or by private insurance companies participating in the NFIP s Write Your Own Program
The Hartford is a participant in the Write Your Own program
, which is part of the National Flood Insurance Program.
Second, FEMA would need to adapt existing programs to accommodate wind coverage--for example, the Write Your Own program
. Third, FEMA would need to create a new rate-setting process, as the process for setting flood insurance rates is different from what is needed for wind coverage.
3121, which would bar insurers that market flood or multiperil policies through the NFIP's Write Your Own program
from including anticoncurrent causation clauses in their own homeowners policies.
Categories: Economic Development, Claims processing, Claims processing costs, Claims settlement, Expense claims, Financial statement audits, Flood insurance, Hurricane Katrina, Insurance claims, Insurance companies, Insurance premiums, Internal controls, FEMA National Flood Insurance Program, FEMA Write Your Own Program
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