Mandatory Training Requirements
Federal Training Requirements
The following training requirements are federally mandated and are separate from Virginia-specific requirements.
There is NO additional CE compliance requirement for flood insurance in Virginia. Agents who have satisfied this one-time Federal training requirement are considered to be in compliance.
Section 207 of the Flood Insurance Reform Act of 2004 (the Act) requires all agents selling flood insurance policies under the National Flood Insurance Program (NFIP) to be properly trained and educated about the NFIP to ensure agents may best serve their clients. The Act directs the Director of the Federal Emergency Management Agency (FEMA), in cooperation with the insurance industry, state insurance regulators, and other interested parties to establish minimum training and education requirements for all insurance agents who sell flood insurance policies. FEMA and state approved continuing education sponsors are developing courses related to NFIP. An insurance agent who sells flood insurance may satisfy the minimum training and education requirements by completing a course related to the NFIP which has been approved for three hours of continuing education credit by the Virginia Insurance Continuing Education Board. The failure to comply with this education requirement may jeopardize the agent’s authority to write insurance through the NFIP. The federal law requires all resident Virginia licensed insurance agents who sell federal flood insurance policies to comply with the minimum training requirements of Section 207 of the Flood Insurance Reform Act of 2004, and basic flood education as outlined at 70 Fed. Reg., 52117 (Sept. 1, 2005), or such later requirements as are published by FEMA. Agents who have met this one-time Federal training requirement are recommended to maintain a copy of the required training records.
Long Term Care (LTC) Partnership Training Requirements
Licensed agents that wish to sell Long Term Care Partnership Policies must take the requisite eight (8) hours of initial training addressed in the Rules at 14 VAC 5-200-205 E. Thereafter, agents must receive at least four (4) hours of ongoing training every twenty-four (24) months.
All training must be approved by the Virginia Insurance Continuing Education Board and must, at a minimum, consist of the specific topics identified in the Rules. Insurers will be responsible for ensuring that their agents are appropriately trained, for maintaining documentation of such training, and for producing training records upon request by the Bureau. Qualified Agents should also maintain a copy of the required training records. Agents who meet all Partnership training requirements will be considered to be "qualified" to sell Partnership policies. Insurers are cautioned to take steps to prevent the sale of Partnership policies by agents who have not met these qualification requirements.
Please see the Bureau’s FAQ on LTCP training:
What rules govern the Long-Term Care Insurance Partnership Program?
Visit www.scc.virginia.gov/boi/pro/index.aspx to review these rules. Resident agents who fail to complete the ongoing four hours of training within 24 months of the initial eight-hours of training must again complete eight hours of training. Nonresident agents who comply with their home state requirement need only take a two-hour Virginia-specific course to meet the requirement in Virginia. A continuing education exemption does not apply to this training requirement.”
Annuity Suitability Training Requirements
Effective April 1, 2017, licensed agents selling annuity products will be required to complete a one-time four hour credit training course on annuity suitability on or before January 1, 2018. Agents licensed on or after January 1, 2018 will be required to complete the training prior to the sale of annuity products. Non-residents are exempt if they have already completed "substantially similar" training in their home state. For more information, please review the Annuity Suitability FAQs.