|Dear Trip Mate Colleagues:
As we have periodically advised you over the past several years, the travel insurance industry has been subject to a Market Action Working Group investigation. Over the past several months, this investigation has led to Regulatory Settlement Agreements (RSAs) between the participating State regulators and the travel insurance carriers.
As a requirement of these settlement(s), we are providing a notification of the Regulatory Settlement Agreement from United States Fire Insurance Company (the insurer that underwrites your program) below.
Please note that while some of the elements of the settlement(s) will impact travel insurance products moving forward, neither you nor Trip Mate are a party to the settlement agreement(s) and there will be adequate time allowed to implement any required changes.
We will be reaching out to all of our clients over the next several weeks to discuss these issues with you so that whatever changes need to be made can be accomplished in an orderly fashion.
Please understand that these changes apply to the entire travel insurance industry and affect us all equally from a requirements standpoint. As you review the attached, please note:
- The regulatory settlement(s) were uniform in nature and therefore drafted to apply to the industry as a whole. The attached settlement agreement is not specific to your program, and elements of it may not even apply to or affect your program moving forward.
- Customers who have already purchased a travel insurance product under your program will continue to receive the benefits and services as purchased.
- Since this is an industry-wide settlement, your travel product distribution partners may receive a similar communication from multiple insurance carriers.
We will be reaching out to you soon, but as always, we are here to answer any questions you may have in the interim.
Trip Mate Client Relations Department
9225 Ward Parkway, Suite 200
Kansas City, MO 64114
Tel: 800 888 0432