The Federal Emergency Management Agency (FEMA) recently implemented a plan to require every National Flood Insurance Program (NFIP) policy—both new and renewing—to include both an agent and an agency National Producer Number (NPN). The new requirement is applicable to all NFIP policies with an effective date on or after January 1, 2024. The announcement was made in …
Continue reading FEMA’s NPN Mandate for NFIP Policies Presents New Challenge in Five States
The Federal Emergency Management Agency (FEMA) recently announced plans to require every new and renewing National Flood Insurance Program (NFIP) policy to include both an agent and an agency National Producer Number (NPN) with a policy effective date on or after January 1, 2024. The announcement was made in FEMA’s Bulletin W-23005. During PIA’s most …
Continue reading FEMA Will Require Both Agent and Agency NPNs on NFIP Policies Beginning Jan. 1
Last month, the Federal Insurance Office (FIO) of the Treasury Department issued a Notice of Information Collection and Request for Comment (NIC/RFC) on its planned data collection of climate-related financial risk information associated with U.S. homeowners’ insurance underwriting. In its latest regulatory action, the FIO sought the approval of the Office of Management and Budget …
Continue reading PIA Reiterates Objections to FIO Climate Data Call
This past September, the Wage and Hour Division of the Department of Labor (DOL) issued a notice of proposed rulemaking (NPRM) to revise the overtime regulations set forth in the Fair Labor Standards Act (FLSA). The current regulation sets forth eligibility exemptions for “executive, administrative, and professional” workers, as well as those engaged in outside …
Continue reading PIA Pushes Back on DOL Overtime Rule Proposal
The Government Accountability Office (GAO) recently published a report on the National Flood Insurance Program (NFIP) entitled FLOOD INSURANCE: FEMA’s New Rate-Setting Methodology Improves Actuarial Soundness but Highlights Need for Broader Program Reform. Among other issues, the report addresses: the actuarial soundness of the NFIP’s new Risk Rating 2.0 (RR2) methodology, how premiums are changing for …
Continue reading GAO Report on Risk Rating 2.0 Validates PIA Agent Concerns
As you may know, the National Association of Insurance Commissioners (NAIC) has been working to modernize its consumer privacy protection regulatory framework, which forms the foundation of all states’ insurance consumer protection regimes. The NAIC’s Privacy Protections Working Group (PPWG) is in the process of drafting a single new model, the Insurance Consumer Privacy Protection …
Continue reading NAIC Consumer Privacy Protection Model Development Faces New Obstacles
We have previously covered efforts by the National Association of Insurance Commissioners (NAIC) to modernize the existing consumer privacy regulatory framework that forms the basis for all 50 states’ insurance consumer data protection regimes. The NAIC’s Privacy Protections Working Group (PPWG) is in the process of replacing its Insurance Information and Privacy Protection Model Act (MDL-670) …
Continue reading NAIC Consumer Privacy Model Development Speeds On
A report issued yesterday by the Federal Insurance Office (FIO) has concluded that state insurance regulators should more aggressively address climate-related risks. The FIO, which is housed within the Treasury Department, produced the report in response to an Executive Order (EO) on Climate-Related Financial Risk, which was issued by the Biden administration in early 2021. …
Continue reading FIO Climate Report: NAIC, State Insurance Depts Must Address Climate Risk
This week, Sens. Bob Menendez (D-NJ) and Bill Cassidy (R-LA) introduced bipartisan legislation that would reauthorize the National Flood Insurance Program (NFIP) for five years and make several changes to the program. The National Flood Insurance Program Reauthorization and Reform Act of 2023 has a House companion bill, which is sponsored by Reps. Frank Pallone (D-NJ) …
Last week, PIA joined a coalition of allies in sending a letter to the Wage and Hour Division of the Department of Labor (DOL), requesting that the DOL abandon or postpone the issuance of a planned proposed rulemaking that is expected to alter the overtime regulations pursuant to the Fair Labor Standards Act (FLSA). The DOL’s fall …
Continue reading PIA Asks DOL to Abandon or Postpone Expected Changes to Overtime Rule
