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
Senator John Kennedy (R-LA) recently introduced S. 4533, the National Flood Insurance Program (NFIP) Extension Act of 2022, with Sens. Cindy Hyde-Smith (R-MS), Marco Rubio (R-FL), and Bill Cassidy (R-LA) as cosponsors. The legislation would prevent the NFIP from expiring on September 30, 2022 by extending it for one year until September 30, 2023. Throughout …
Continue reading Bill Introduced in Senate to Extend NFIP for One Year
When we announced the passage of a cannabis safe harbor bill as a 2022 legislative priority again this year, we did not expect the SAFE Banking Act to pass the House a third time this Congress and still not make it out of the Senate, but here we are, at least today. As you may …
Continue reading Cannabis Safe Harbor: Up for Grabs … or Up in Smoke?
PIA strongly supports the Flood Insurance Pricing Transparency Act, a bill introduced this week by Sens. Bill Cassidy (R-LA) and Kirsten Gillibrand (D-NY). FEMA recently updated the risk rating methodology it uses to price flood insurance premiums for policies issued by the National Flood Insurance Program (NFIP). The new methodology, known as Risk Rating (RR) …
Continue reading PIA Supports Bill to Create Transparency in RR 2.0 Rates
The U.S. Senate on the evening of February 17 passed H.R.6617, a continuing resolution (CR) to fund the federal government through March 11 by a vote of 65-27. An extension of the National Flood Insurance Program (NFIP), set to expire Friday, Feb 18 at midnight, was included in the bill. The House of Representatives already passed the bill …
Continue reading Senate Passes NFIP Extension to March 11, 2022
The U.S. Senate tonight passed H.R.6119, a continuing resolution (CR) to fund the federal government until February 18 by a vote of 69-28. An extension of the National Flood Insurance Program (NFIP), set to expire this coming Friday, December 3 at midnight, was included in the bill. The House of Representatives already passed the bill earlier …
Continue reading Senate Passes NFIP Extension to February 18, 2022
PIA has a long history of supporting the state regulation of insurance and opposing federal insurance oversight. Since 2016, one of our annual top legislative priorities has been the repeal of the Federal Insurance Office (FIO), which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Our advocacy was vital …
Continue reading PIA Objects to FIO Investigation of Climate-Related Insurance Risk
On September 30, the National Flood Insurance Program (NFIP)’s authority to operate was extended until December 3, 2021. This is the 17th short term extension of the NFIP since its last five-year reauthorization expired in 2017. PIA supports a long-term reauthorization of the NFIP that recognizes the key role independent agents play in delivering the …
Continue reading PIA Supports Flood Bills Encouraging Development of Private Market
Today the Senate passed an amended version of H.R. 5305, the continuing resolution (CR) that will fund the federal government until December 3, 2021, by a vote of 65 to 35. Importantly for PIA members, the CR includes an extension of the National Flood Insurance Program (NFIP) until December 3 as well. An earlier version …
Continue reading Senate Passes Amended Funding Bill with NFIP Extension
The U.S. Senate tonight failed to invoke cloture on the motion to proceed on H.R. 5305, the continuing resolution (CR) that would have funded the federal government until December 3, 2021. The bill passed the House last week by a vote of 220-211. In the Senate, however, a motion to invoke cloture, a procedure that …
Continue reading NFIP Extension and Federal Funding Fail to Pass Senate
