As the Senate prepares to take up the “One, Big, Beautiful Bill” this week, PIA urges the passage of key policy priorities that will empower agents and provide for a stronger, safer insurance market for consumers. Included in the legislation are provisions making permanent the 20% qualified business income (QBI) passthrough tax deduction presently available …
Continue reading Take Action: PIA Urges Senate Passage of Policy Priorities
On May 22, the U.S. House of Representatives voted to pass its budget reconciliation bill, including key PIA policy priorities. The bill narrowly passed in a 215-214 vote and will now head to the Senate, where further negotiations are expected before sending a final product to the President's desk. Included in the legislation are provisions …
Continue reading PIA Victory: House Passes PIA Policy Priorities
Photo by Sveta K on Pexels.com Last week, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing examining the value of disaster mitigation as a means of strengthening the American insurance markets. Witnesses included representatives of the American Property Casualty Insurance Association (APCIA); the Center for Industrial Progress, and the Insurance Institute …
Continue reading Senate Banking Hearing Homes in on Disaster Mitigation
Presidential Election The contentious race for the White House between Vice President Kamala Harris and former president Donald Trump is within the margin of error as we enter the final 20 days until Election Day. National polls have remained tight since President Biden’s departure from the race in July, while polling in the swing states …
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 U.S. Senate tonight passed a continuing resolution (CR) to fund the federal government to November 17 by a vote of 88-9. The CR includes an extension of the National Flood Insurance Program (NFIP) to the same date. The House passed the bill earlier in the day, so the bill now goes to the president …
Continue reading Senate Passes Spending Bill with NFIP Extension
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 …
Continue reading GAO Report on Risk Rating 2.0 Validates PIA Agent Concerns
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 …
Continue reading PIA Urges NFIP Extension in Letter to Congressional Leaders
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
This week, Sens. Bob Menendez (D-NJ) and Bill Cassidy (R-LA) introduced bipartisan legislation that would reauthorize the National Flood Insurance Program (NFIP) for five years and make several changes to the program. The National Flood Insurance Program Reauthorization and Reform Act of 2023 has a House companion bill, which is sponsored by Reps. Frank Pallone (D-NJ) …
