The Big “I” successfully advocated for the Financial Crimes Enforcement Network (FinCEN) to modify a definition that would have added new restrictions to certain state-licensed producers.
The Federal Advisory Committee on Insurance (FACI) members heard a variety of presentations and discussed several issues that are top of mind for regulators, policymakers and agents.
The U.S. Senate passed legislation funding the government through Dec. 16, reauthorizing the National Flood Insurance Program (NFIP) and including the Big “I”-supported “Hermit’s Peak Fire Assistance Act.”
The hearing highlighted the significant increase in wildfire risk over the last several years.
The final rule redefines third-party marketing organizations to include individual agents and brokers, who will now be subject to new requirements.
The hearing covered a wide range of issues, including private equity’s growing ownership of property-casualty and life insurers, climate risk, credit rating agencies, diversity and inclusion, and pandemic risk insurance.
The comments express concern for the proposal and detail the vital role that agents play in the sale and servicing of National Flood Insurance Program (NFIP) policies.
The new requirement is overly broad and includes individual agents and brokers, who will now be subject to two new requirements.
Big “I” staff met with FEMA as part of the Flood Insurance Producer National Committee (FIPNC) to express concern with the new Direct to Customer initiative proposal.
The legislation now heads to the U.S. House of Representatives, where they are scheduled to vote on the package tomorrow.
