On November 28, Sen. Katie Britt (R-AL) introduced S.3349, the Insurance Data Protection Act with PIA’s strong support. This legislation will meaningfully reform the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. PIA worked with Senator Britt on the introduction of the bill and our support for the …
Continue reading Insurance Data Protection Act Introduced in Senate
The House Financial Services Subcommittee on Housing and Insurance held a hearing today entitled, “The Factors Influencing the High Cost of Insurance for Consumers.” In advance of the hearing, PIA submitted testimony for the record. The hearing examined the status of the domestic insurance industry, including recent developments in the property and casualty insurance market …
Continue reading PIA-Backed Bills on FIO Repeal and Reform Highlighted in House Hearing
The U.S. Treasury Department’s Federal Insurance Office (FIO) is preparing to proceed with a revised data collection that will specifically target property insurers regarding climate risks. The data collection announcement and solicitation of public input come despite ongoing concerns that the data collection will be overly burdensome to insurers, will ignore the existing state insurance …
Continue reading FIO Proceeds With Troubling Climate Data Call
On September 18 Rep. Scott Fitzgerald (R-WI) introduced H.R. 5535, the Insurance Data Protection Act with PIA’s strong support. This legislation will meaningfully reform the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. PIA's support for the bill was noted in the congressman's …
Continue reading Bill to Remove FIO’s Subpoena Power Introduced
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
Members of PIA of Virginia meet with Congressman Ben Cline (R-VA) PIA members from around the nation converged on Washington, D.C. on May 10 for its 2023 Advocacy Day. Agents met with Senators, Representatives, and legislative staffers to discuss PIA’s key legislative issues. Among PIA’s top issues were a request to the USDA’s Risk Management …
On April 27, Rep. Ben Cline (R-VA) introduced the Federal Insurance Office Elimination Act of 2023. See PIA’s press release here. Rep. Cline’s press release, with PIA quotes, can be found here. The Federal Insurance Office Elimination Act will protect the successful state insurance regulatory system by repealing the Federal Insurance Office (FIO), an unnecessary federal …
Continue reading FIO Repeal Bill, PIA Top Priority, Introduced in the House
The House Financial Services Committee’s Subcommittee on Oversight and Investigations is holding a hearing today entitled: “Holding the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach.” PIA submitted written testimony for the record in advance of the hearing to highlight the recent actions by the Federal Insurance Office (FIO). In 2010, in a misguided …
Continue reading PIA Puts Spotlight on FIO in House Committee Hearing Testimony
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 …
