New licensing standard for travel insurance vendors in USA

The US Travel Insurance Association has set a new milestone for licensing standards.

Travel Insurance News - 01/11/2010

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The US Travel Insurance Association (UStiA) managed to set a new milestone in its pursuit of uniform licensing standards for travel agents and others selling travel insurance. On 21, October, the National Association of Insurance Commissioners (NAIC) officially agreed the language for the latest Uniform Licensing Standard and Implementation Guideline.

The new wording of the guideline is expected to drive a streamlined process for licensing of those selling travel insurance while at the same time boosting protection for consumers. The new wording has driving by the recommendations of the UStiA and supported by the American Society of Travel Agents.

Jim Grace, president of the UStiA, said the changes to existing licensing standards would help make significant improvements to the licensing burden on retailers who offer travel insurance. He added that once it was in place, the new wording would provide consumers with increased transparency and better consistency for protection.

The UStiA sees the changes as creating a win-win situation in which both retailers and consumers enjoy substantial benefits. Retailers will have easier access to other revenues streams with less onerous licensing. Consumers will enjoy better product descriptions and more competitive pricing.

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