The 118th Congress begins today, January 3rd, 2023, bringing divided leadership to Washington, D.C. The Republican party is now in control of the U.S. House of Representatives, which is made up of 222 Republicans and 212 Democrats (and one vacancy). The U.S. Senate will continue to be led by the Democratic party, which has 48 Senate …
Continue reading 118th Congress Begins Amid Leadership Uncertainty
Federal Emergency Management Agency (FEMA) Independent insurance agents deeply focused on the National Flood Insurance Program (NFIP) may already know that, on October 1, the most recently published version of the Flood Insurance Manual took effect. FEMA also recently solicited feedback on the use of Elevation Certificates and Floodproofing Certificates by communities participating in the …
The Federal Insurance Office (FIO) today issued a Notice of Proposed Rulemaking (NPRM) announcing its plan to collect current and historical data from property and casualty insurers to assist FIO in its efforts to assess climate-related risk. This action was foreshadowed by FIO’s email during the summer to insurance regulators in all 50 states, asking …
Continue reading FIO Issues Notice of its Plan to Collect Climate Risk Data
John Boozman was elected to the United States Senate in 2010. Prior to serving in the Senate, he represented the people of the Third District of Arkansas in the U.S. House of Representatives for eight years. Before his service in Congress, Sen. Boozman was an optometrist, owning a private practice with his brother. Sen. Boozman attended …
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
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
Members of the PIA of Wisconsin met this week with members of their Congressional delegation on a number of PIA’s 2022 Issues of Focus: the dangers of federal regulatory overreach into the insurance industry and the need to repeal the Federal Insurance Office (FIO), the importance of making the 20 percent tax deduction for passthrough …
Continue reading PIA Wisconsin Advocates for 2022 Priorities
PIA members from Wyoming met with the offices of their congressional delegation this week as part of PIA’s 2022 series of year-round, state-specific advocacy events. In their meetings, agents drew lawmakers’ attention to several of PIA’s 2022 Issues of Focus: the dangers of federal regulatory overreach into the insurance industry and the need to repeal the Federal Insurance …
Continue reading Wyoming PIA members Advocate on Tax, Flood, and FIO Repeal
This week, members of the PIA of Michigan met with the offices of their congressional delegation as part of PIA’s 2022 series of year-round, state-specific advocacy events. In their meetings, the PIA of Michigan members drew lawmakers’ attention to several of PIA’s 2022 Issues of Focus: the dangers of federal regulatory overreach into the insurance industry …
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