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Risk Rating 2.0: Frequently Asked Questions (last updated 11/3/21)

As agents, carriers, and policyholders around the country enter the new world of Risk Rating 2.0 (RR 2.0), we have created an ongoing series of Frequently Asked Questions and answers that we hope will help to inform and guide your decision making as you familiarize yourself with RR 2.0. Please note: The information contained herein …

Continue reading Risk Rating 2.0: Frequently Asked Questions (last updated 11/3/21)

Federal Flood Program Set to Expire This Week

The federal government is currently operating on a continuing resolution (CR) that expires at midnight this Friday, December 3. Notably for PIA members, the National Flood Insurance Program (NFIP) is also set to expire on December 3. If Congress cannot pass another CR to fund the federal government beyond that date, the government, including the …

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PIA Objects to FIO Investigation of Climate-Related Insurance Risk

PIA has a long history of supporting the state regulation of insurance and opposing federal insurance oversight. Since 2016, one of our annual top legislative priorities has been the repeal of the Federal Insurance Office (FIO), which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Our advocacy was vital …

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House Passes Reconciliation Spending Bill

The U.S. House today passed H.R. 5376, the $1.75 trillion budget reconciliation bill which has been marketed by Democrats as the “Build Back Better Act.” If approved as-is by the Senate, the legislation will allocate roughly $1.75 trillion in spending over a 10-year period. The bill passed largely along party lines by a vote of …

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PIA Seeks Senate Passage of Cannabis Safe Harbor in Defense Bill

PIA recently collaborated with other insurance trade groups to send a letter to the leaders of the relevant Senate committees urging them to include the Secure and Fair Enforcement (SAFE) Banking Act in the final National Defense Authorization Act (NDAA) for Fiscal Year 2022 . PIA worked with a coalition of industry allies in support of this …

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Member Spotlight: Rep. Tom Tiffany (R-WI)

Tom Tiffany (R) was elected to the U.S. House of Representatives was elected in May 2020 in a special election for the seat to represent Wisconsin’s 7th Congressional District. Before he was elected to Congress, Rep. Tiffany was a businessman and served in the Wisconsin State Assembly and State Senate. Rep. Tiffany graduated from the …

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PIA Will Not Support Reintroduced Future Pandemic Legislation

Since the spring of 2020, when proposals intended to prepare for the economic consequences of a future pandemic began to emerge, PIA has been actively engaged with policymakers on this important issue. To that end, PIA supported the 2020 Pandemic Risk Insurance Act (PRIA), introduced by Rep. Carolyn Maloney (D-NY). That bill tried to make pandemic …

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PIA Requests Removal of Tax Reporting Provision from Reconciliation Package

PIA has been vocal in our opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on all bank accounts over a certain de minimis amount. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service …

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Congress Seeks to Expand Federal Oversight to State Workers’ Comp Programs  

PIA strongly opposes a proposal that would expand federal oversight to potentially include state workers’ compensation programs. Recently, the House Education and Labor Committee, chaired by Rep. Bobby Scott (D-VA) passed the labor portions of the administration’s pending budget reconciliation package. It includes an allocation of $121 million to dramatically expand federal authority over the …

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PIA Reiterates Opposition to Burdensome Small Business Reporting Proposal

PIA has been advocating in opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service (IRS) information on …

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PIA Supports Flood Bills Encouraging Development of Private Market

On September 30, the National Flood Insurance Program (NFIP)’s authority to operate was extended until December 3, 2021. This is the 17th short term extension of the NFIP since its last five-year reauthorization expired in 2017. PIA supports a long-term reauthorization of the NFIP that recognizes the key role independent agents play in delivering the …

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