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
The Senate Banking, Housing and Urban Affairs Committee held a hearing on January 25 entitled, “Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions.” PIA submitted written testimony for the record for the hearing, noting our support for the NFIP because it provides critical flood insurance coverage and post-disaster relief to residential and …
Continue reading PIA Submits Testimony on Flood Insurance for Senate Banking Committee Hearing
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) …
On July 22, the U.S. Senate Banking Subcommittee on Securities, Insurance and Investment held a hearing on “Examining Frameworks to Address Future Pandemic Risk.” PIA submitted testimony in advance of the hearing. If Congress legislates on this issue, PIA favors the use of a public-private partnership. In the past, similar steps have been taken to …
Continue reading Senate Banking Subcommittee Turns Attention to Future Pandemic Risk Proposals
On June 17, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a second hearing on the reauthorization of the National Flood Insurance Program (NFIP). The first hearing was held in May. The hearing featured the testimony of David I. Maurstad, the Deputy Associate Administrator of the Federal Insurance and Mitigation Administration (FIMA), …
Continue reading Risk Rating 2.0 Dominates Second Senate Hearing on NFIP Reauthorization
On May 18, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the reauthorization of the National Flood Insurance Program (NFIP). PIA submitted testimony in which we urged the Committee to pass a long-term reauthorization and highlighted several specific reforms we’re pursuing this year. The NFIP’s most recent five-year reauthorization …
Continue reading NFIP Hearing in Senate Banking Kicks Off Reauthorization Process
Kevin Cramer was elected to the U.S. Senate from North Dakota in 2018. Previously, he served as North Dakota’s At-Large Member in the U.S. House. Prior to joining Congress, Sen. Cramer served as a commissioner on the North Dakota Public Service Commission. Sen. Cramer received a BA from Concordia College and a master’s degree in …
PIA National has been working to advance legislation to protect insurance agents from federal prosecution for doing business with cannabis-related enterprises in states in which such businesses are legal. To that end, PIA helped develop the Clarifying Law Around Insurance of Marijuana (CLAIM) Act, which would provide a legal safe harbor for independent agents that engage …
Continue reading PIA Urges Senate Action on Cannabis Safe Harbor Bill
On November 20, the U.S. Senate Banking, Housing and Urban Affairs Committee passed legislation to reauthorize the current iteration of the Terrorism Risk Insurance Act (TRIA) for seven (7) years unanimously by voice vote. This action comes two days after the U.S. House passed a companion TRIA reauthorization bill. PIA National issued a press release …
Continue reading TRIA Reauthorization Passed by Senate Banking Committee
Yesterday, Tuesday, June 18th, the Senate Banking, Housing and Urban Affairs Committee held a hearing, for which PIA National submitted testimony, on the reauthorization of the Terrorism Risk Insurance Program (TRIP). This hearing kicked off the reauthorization discussion for the TRIP, which is currently set to expire on December 31, 2020. PIA National has supported …
Continue reading Terrorism Risk Insurance Program Reauthorization Process Begun in Senate Banking
