As we noted last week, the House recently passed its Fiscal Year 2023 (FY23) Financial Services and General Government appropriations bill, which included several troubling directives to the Federal Insurance Office (FIO). The bill would have directed the FIO to gather data on property damage exclusions in homeowners’ and renters’ insurance policies, examine the impact …
Continue reading FIO Directives Excluded from Senate Funding Bill—For Now
Recent Congressional activity has included the consideration of bills that threaten the effective state insurance regulatory system. First, the American Data Privacy and Protection Act (ADPPA) (H.R. 8152) passed out of the House Energy and Commerce committee earlier this week. The ADPPA would create a national standard for data privacy and, in doing so, preempt …
Continue reading Recent Bills Threaten State Insurance Regulation
Senator John Kennedy (R-LA) recently introduced S. 4533, the National Flood Insurance Program (NFIP) Extension Act of 2022, with Sens. Cindy Hyde-Smith (R-MS), Marco Rubio (R-FL), and Bill Cassidy (R-LA) as cosponsors. The legislation would prevent the NFIP from expiring on September 30, 2022 by extending it for one year until September 30, 2023. Throughout …
Continue reading Bill Introduced in Senate to Extend NFIP for One Year
Members of the PIA of New York met with members of their congressional delegation last week to discuss reauthorization of the National Flood Insurance Program (NFIP). The meetings took place as part of PIA’s rolling year-round 2022 Advocacy Days. PIA NY members noted that Congress must be sure to extend the authorization of the NFIP so …
Continue reading PIA New York Advocates for NFIP Extension, Reform
The House of Representatives has again passed the SAFE Banking Act, a PIA top priority, for the 4th time this Congress. The SAFE Banking Act would protect insurance agents and carriers from federal prosecution doing business with cannabis-related enterprises in states in which such businesses are legal. Nearly every state has legalized cannabis to some degree. …
Continue reading Cannabis Safe Banking Passes House as Part of Defense Bill Once Again
PIA, along with over 190 business groups, wrote to congressional leadership this week to oppose proposed tax hikes on small business owners as part of the newest effort to pass a reconciliation bill this Congress. This renewed effort follows a failed effort in 2021 to pass a more sweeping reconciliation measure. To pay for the …
Continue reading PIA, Business Groups, Oppose Proposed Small Business Tax Hikes
The Federal Insurance Office (FIO) recently sent a preliminary email to insurance regulators in all 50 states, asking what data they have that would show insurance coverage, liabilities, and losses for each ZIP code in their states over the past five years. The data FIO seeks will help the office assess whether insurers are refusing …
Continue reading FIO Intensifies Inquiry into Climate-Related Insurance Risk
When we announced the passage of a cannabis safe harbor bill as a 2022 legislative priority again this year, we did not expect the SAFE Banking Act to pass the House a third time this Congress and still not make it out of the Senate, but here we are, at least today. As you may …
Continue reading Cannabis Safe Harbor: Up for Grabs … or Up in Smoke?
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