On the Hill

A short-term reauthorization of the National Flood Insurance Program through March 8 was included in the short-term continuing resolution passed by Congress last week.

The act would prevent the Consumer Financial Protection Bureau from pursuing enforcement against any person regulated by a state insurance regulator.

InsurPac, the Big “I” political action committee (PAC) and one of the largest small business PACs in the country, raised $1,318,024 during the 2023 calendar year.

The legislation would have banned the use of noncompete agreements and potentially other forms of employment contracts in the Empire State.

The Big “I” was successful in securing an exemption for independent agents from the act by showing that insurance producers already provide this beneficial ownership information to state regulators.

The act aims to enhance price transparency within the healthcare system, fostering informed decision making for patients and employers.

The 2023 deadline to contribute to InsurPac is Dec. 31 at midnight.

Without this exemption, the act would have required agencies with fewer than 20 employees to file new reports on their beneficial ownership.

A short-term reauthorization of the National Flood Insurance Program through to Feb. 2, 2024, was included. The legislation also included an extension of the current Farm Bill through to Sept. 30, 2024.

Joe Rossi, CEO and president of Joe Flood Insurance Brokerage, was appointed chair of the Flood Insurance Producers National Committee, where he will represent the Big “I” and other producer groups.