This week, Rep. Mike Thompson (D-CA) introduced H.R. 7412, the Business Interruption Relief Act, which would create a voluntary program for insurers in which they could retroactively pay business interruption (BI) claims and be reimbursed by the federal government. PIA National opposed similar legislation introduced in the spring, and we oppose this legislation for many …
Continue reading PIA Opposes the Business Interruption Relief Act
During this national crisis, PIA National supports efforts to assist its members and the small business community with policy proposals that will best help them to maintain liquidity and, ultimately, solvency during these tumultuous economic times. To that end, in April, we released a three-point plan on policy proposals to assist business owners immediately during …
The U.S. Department of the Treasury has responded to letters, which PIA National strongly supported, from several House members and Senators urging the administration to oppose retroactive business interruption (BI) proposals. The letter from Treasury to policymakers noted that it shares concerns that retroactive BI proposals would undermine the contractual nature of existing insurance obligations …
Continue reading Treasury Dept. Disapproves of Retroactive BI
PIA National has continued to push back against any proposal to retroactively change business interruption (BI) provisions to have them cover coronavirus-related losses. Last week, we worked with a group of Senators on a letter to the administration, highlighting their concerns with that approach. This week, we were pleased to support two letters from U.S. House Members …
Continue reading PIA Works with House Allies to Oppose Business Interruption Proposals
PIA National today came out strongly against two separate bills introduced by Reps. Mike Thompson (D-CA) and Brian Fitzpatrick (R-PA); each would empower the federal government to rewrite existing business interruption (BI) insurance provisions drafted with otherwise applicable exclusions. PIA National has communicated with Congressional offices to express our concerns that such proposals purport to …
Continue reading PIA Opposes House Business Interruption Legislation
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