NFIP Extension and Federal Funding Fail to Pass Senate

The U.S. Senate tonight failed to invoke cloture on the motion to proceed on H.R. 5305, the continuing resolution (CR) that would have funded the federal government until December 3, 2021. The bill passed the House last week by a vote of 220-211. In the Senate, however, a motion to invoke cloture, a procedure that …

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Cannabis Safe Harbor Passes House as Part of Defense Bill

The Secure And Fair Enforcement (SAFE) Banking Act, a 2021 PIA top priority, passed the U.S. House 316-113 on September 23rd as an amendment to H.R. 4350, the National Defense Authorization Act (NDAA), giving it a chance of passing in this Congress. The SAFE Banking Act would protect insurance agents and carriers from federal prosecution for doing business with cannabis-related …

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Bipartisan Calls to Delay Risk Rating 2.0 Grows With Senate Letter to FEMA

On September 15, PIA became the first national insurance association to ask Federal Emergency Management Agency (FEMA) administrator Deanne Criswell to delay the scheduled Oct. 1 implementation of Risk Rating 2.0 (RR 2.0). While PIA supports RR 2.0, the more details FEMA released about its implementation, the more concerned we became about the planned rollout. We highlighted …

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House Passes Federal Funding Bill, NFIP Extension to December 3

Tonight, the U.S. House passed H.R. 5305, a continuing resolution (CR) to fund the federal government to December 3, 2021 by a vote of 220-211. As reported earlier this evening, the CR includes an extension of the National Flood Insurance Program (NFIP) to that same date. Both the funding for the federal government and the …

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House Bill Would Extend NFIP and Fund Federal Government for 9 Weeks

The federal government is currently operating on a continuing resolution (CR) that expires at midnight on September 30. Unless Congress can pass another CR to fund the federal government beyond that date, the government will shut down. Notably for PIA members, the National Flood Insurance Program (NFIP) is also set to expire on September 30. …

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PIA Opposes Burdensome Tax Reporting Requirements for Small Businesses

On September 17, PIA, along with several business groups, wrote to U.S. House leadership to oppose a proposal included in the reconciliation package currently under consideration that would impose a broad new tax information reporting requirement on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to …

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PIA Seeks Delay in Risk Rating 2.0 Implementation

Earlier today, PIA became the first national insurance association to ask Federal Emergency Management Agency (FEMA) administrator Deanne Criswell to delay the implementation of Risk Rating 2.0. In previous blog posts, we have discussed the value of the new Risk Rating 2.0 (RR 2.0) methodology, which is scheduled to go into effect on Oct. 1, …

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PIA Opposes Harmful Tax Hikes

PIA joined two business coalitions recently in pushing back on proposals within the forthcoming $3.5 trillion reconciliation legislative spending package; the proposals PIA objects to would lead to major tax increases for small business owners. The House Ways and Means Committee began considering the package on September 9. It would raise individual and corporate tax rates, …

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The Risk Rating 2.0 Flood Insurance Manual Has Arrived

As anticipated, the Risk Rating 2.0 Flood Insurance Manual (FIM) was released on Sept. 1. An update to the existing FIM was released at the same time, as was a final version of the Industry Transition Memo (ITM). Here is what you need to know about each. Industry Transition Memo The ITM, linked above, explains …

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FIO Seeks Comments on New Climate-Related Insurance Authority

As reported here, earlier this year, the Biden administration assigned new tasks to the Federal Insurance Office (FIO) via an Executive Order on Climate-Related Financial Risk that tasked both the FIO and the Financial Stability Oversight Council (FSOC), another Dodd-Frank creation, with assessing “climate-related issues or gaps in the supervision and regulation of insurers.” On August 31, …

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