In a win for PIA, consumers, and supporters of the state insurance regulatory system, the Federal Insurance Office (FIO) announced that it was abandoning its unprecedented effort to collect data on climate-related risks from property and casualty insurance carriers on behalf of the federal government. Instead, the National Association of Insurance Commissioners (NAIC) will now …
Tag: federal regulation
FEMA’s NPN Mandate for NFIP Policies Presents New Challenge in Five States
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 …
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PIA Urges Clarification of Insurance’s Exemption from CFPB Regulation
PIA, along with other insurance industry stakeholders, sent a letter to congressional leaders in support of legislation to amend the Consumer Financial Protection Act of 2010 to clarify the Consumer Financial Protection Bureau’s (CFPB) regulatory authority within the business of insurance. CFPB was created in 2011 to protect consumers in the financial sector, and its …
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FEMA Will Require Both Agent and Agency NPNs on NFIP Policies Beginning Jan. 1
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 …
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PIA Reiterates Objections to FIO Climate Data Call
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 …
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PIA Pushes Back on DOL Overtime Rule Proposal
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 …
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GAO Report on Risk Rating 2.0 Validates PIA Agent Concerns
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 …
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PIA Joins Letter in Support of the Protecting Small Business Information Act
This week PIA, along with a coalition of small business stakeholders, sent a letter to Congress in support of Rep. Patrick McHenry’s (R-NC) Protecting Small Business Information Act. This legislation would delay reporting requirements under the Corporate Transparency Act (CTA), which is set to go into effect on January 1, 2024, until there is a …
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PIA Urges NFIP Extension in Letter to Congressional Leaders
On August 29, PIA sent a letter to congressional leaders asking that they reauthorize the National Flood Insurance Program (NFIP) beyond its current September 30 expiration date and for as long a period as possible. The history of NFIP extensions has been messy. The program was extended 17 times between 2008 and 2012, when the …
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FIO Climate Report: NAIC, State Insurance Depts Must Address Climate Risk
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. …
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