Members of the PIA of Wisconsin met this week with members of their Congressional delegation on a number of PIA’s 2022 Issues of Focus: the dangers of federal regulatory overreach into the insurance industry and the need to repeal the Federal Insurance Office (FIO), the importance of making the 20 percent tax deduction for passthrough entities permanent, the need for the reauthorization of the National Flood Insurance Program (NFIP), and the importance of establishing a cannabis safe harbor for the insurance industry.
PIA of Wisconsin members advocated for the repeal of the FIO and the primacy of the state insurance regulatory system. Members made the case that, as long as the FIO exists, it will pose an ever-increasing threat to the state regulation of insurance. PIA supports legislation, sponsored by Sen. Ted Cruz (R-TX) and Reps. Ben Cline (R-VA) and Tom Tiffany (R-WI) (S. 524/H.R. 4866), that would repeal the FIO.
Members also urged their policymakers to pass a long-term reauthorization of the NFIP that includes necessary reforms, as set forth in our current Issues of Focus. Agents emphasized that any long-term reauthorization of the NFIP must maintain the current Write Your Own (WYO) reimbursement rate and cautioned that reducing the rate would likely prompt substantial cuts to NFIP agent commissions. PIA has strongly opposed past efforts to reduce the reimbursement rate and will continue to do so.
PIA of Wisconsin members also encouraged support for two other critically important issues for PIA members: the Main Street Tax Certainty Act (H.R. 1381/S. 480), which would make permanent the 20 percent tax deduction (now set to expire at the end of 2025) available to some S corporations, also known as passthrough corporations, and our support for the creation of a cannabis safe harbor for the insurance industry.
The meetings this week are part of PIA’s 2022 series of year-round, state-specific advocacy events.