Helping PIA Members Decode Risk Rating 2.0

If you’ve been following the blog for a while, you know that the National Flood Insurance Program (NFIP), the primary source for flood insurance in the United States, is scheduled to debut its new pricing methodology, known as Risk Rating 2.0, later this year. Risk Rating 2.0 will assign a level of risk to each …

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FEMA Makes Available More Agent Training Sessions on Risk Rating 2.0

The National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA), is the primary source for flood insurance in the United States. Over the past few years, FEMA has been updating the NFIP’s risk rating process using a new methodology known as Risk Rating 2.0 (RR 2.0). It is scheduled …

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Biden Administration Gives Federal Insurance Office New Responsibilities

The Federal Insurance Office (FIO), created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), is an ongoing threat to the state insurance regulatory system. Back in 2016, PIA was the first national insurance association to advocate for the full repeal of the FIO. In pursuit of that work, PIA led the …

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Dept. of Labor Announces Withdrawal of “Independent Contractor” Definition Revision

Last week, the Department of Labor (DOL) announced its decision to withdraw a planned revision of the regulation governing the definition of independent contractors. The withdrawal decision was made in response to the publication by the Wage and Hour Division of the DOL of a proposed final rule revising its interpretation of the definition of …

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Paycheck Protection Program Largely Depleted

The Paycheck Protection Program (PPP) was a key piece of the CARES Act, one of the first COVID relief laws passed last spring, now over a year ago. Administered by the Small Business Administration (SBA) and modified several times by Congress, the PPP offers forgivable loans to small businesses facing economic peril because of the …

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PIA Asks Dept. of Labor to Implement Revised “Independent Contractor” Definition as Planned

PIA joined a coalition of allies earlier this week in sending a letter to the Wage and Hour Division of the Department of Labor (DOL), asking the DOL not to withdraw the final rule revising its interpretation of Independent Contractor Status, which was published on January 7, 2021 in accordance with the Fair Labor Standards …

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Temporary Paycheck Protection Program Limits Imposed by Biden Admin

As we mentioned last month, the December 2020 COVID relief package, formally known as the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act[1], has reanimated the previously-dormant Paycheck Protection Program (PPP), originally created by the CARES Act nearly a year ago. Last week, the Biden administration announced that the PPP will be available only to the nation’s …

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Resurgent Paycheck Protection Program Prompts Regulatory Action

As we mentioned earlier this month, the December 2020 COVID relief package, formally known as the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, reanimated the then-dormant Paycheck Protection Program (PPP), originally created by the CARES Act nearly a year ago. Since its inception, the program has lent over $600 billion. The Economic Aid Act extends the …

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NAIC Adopts Rebating Changes to Unfair Trade Practices Model

The National Association of Insurance Commissioners’ (NAIC) Executive Committee has adopted language that would allow for some types of “rebates” to be offered to consumers, unanimously approving amendments to Section 4(H) (“Rebating”) of the NAIC Unfair Trade Practices Act (Model #880) (UTPA). The revised language permits insurers or producers to “[o]ffer or give non-cash gifts, …

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