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 …
Continue reading PIA Opposes Burdensome Tax Reporting Requirements for Small Businesses
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, …
Continue reading PIA Seeks Delay in Risk Rating 2.0 Implementation
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, …
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 …
Continue reading The Risk Rating 2.0 Flood Insurance Manual Has Arrived
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, …
Continue reading FIO Seeks Comments on New Climate-Related Insurance Authority
We know many National Flood Insurance Program (NFIP) agents have concerns about shepherding their clients through the transition to Risk Rating 2.0 (RR 2.0). As part of our effort to disseminate information about RR 2.0 to our agents, PIA will be using this space to share information about RR 2.0 and upcoming trainings provided by …
Frequent visitors to the blog will remember our numerous posts covering the forthcoming changes to the way flood insurance rates are calculated for policies issued through the National Flood Insurance Program (NFIP). PIA strongly supports Risk Rating 2.0 (RR 2.0) because it will help the NFIP move more quickly to the use of actuarially sound …
Continue reading Risk Rating 2.0 Implementation Proceeding in Fits and Starts
Ben Cline was elected to the U.S. House of Representatives in 2018 to represent Virginia’s 6th Congressional District. Before he was elected to Congress, Rep. Cline was an attorney in private practice and a member of the Virginia House of Delegates for 16 years. He also served as Assistant Commonwealth’s Attorney for Rockingham County and …
On July 27, Reps. Kathy Castor (D-FL), and Blaine Luetkemeyer (R-MO) reintroduced H.R. 4699, the Continuous Coverage for Flood Insurance Act. The bill would provide continuous coverage protection to policyholders who leave the National Flood Insurance Program (NFIP) to purchase a private flood policy and then need to return to the NFIP. This bill would …
As we noted earlier this week, the rating engine that will provide the new Risk Rating 2.0 rates was scheduled to become available to participating carriers, known as Write-Your-Owns (WYOs) on August 1. However, today (July 30), FEMA notified WYOs that the rating engine site will be made available on August 1 as planned, but …
Continue reading FEMA Announces Eleventh-Hour Delay of Risk Rating 2.0 Rating Engine
