Government Affairs

This week, Sens. Michael Crapo (R-Idaho) and Sherrod Brown (D-Ohio) introduced the “NFIP Reauthorization Act of 2017,” which would reauthorize the NFIP for six years.

One of the bills in the markup includes provisions that would cap WYO insurers’ reimbursement rate at 27.9% to administer the NFIP. Currently, the rate is 30.9%.

The legislation would reauthorize the NFIP for five years and addresses a variety of issues, including providing greater private market access, enhancing mitigation efforts and more.

This week, the Big “I” submitted testimony to a full committee hearing which examined the NFIP and several legislative proposals aimed at reforming the program.

Today, Republicans in the U.S. House of Representatives released six discussion draft bills and accompanying summaries.

President Trump’s proposed FY2018 budget calls for about $28 billion in cuts to the Federal Crop Insurance Program over the 2018-2027 period.

Last week, Big “I” members from all 50 states headed to Washington, D.C. for the biggest, most effective industry gathering: the annual Big “I” Legislative Conference.

A new summary of proposed flood insurance reform legislation includes a provision that would cap compensation for WYOs at 25%.

Sen. Heller is at the center of many Big “I” priorities on Capitol Hill, including efforts to reauthorize the NFIP, reform the tax code, repeal and replace the Affordable Care Act, and more.

As Congress seeks to reform the NFIP before it expires on Sept. 30, it’s examining lowering the compensation that insurance companies and independent agents earn for administering the program.