On the Hill

With FEMA’s new pricing methodology for the National Flood Insurance Program (NFIP) to be implemented Oct. 1, use these new resources to prepare for the change.

In an effort to raise the bar on cybersecurity, executives from the tech, insurance, finance and critical infrastructure sectors met with President Joe Biden to discuss America’s cybersecurity challenges and the need for a public-private partnership.

It is widely expected that the reconciliation package will include significant tax increases for both businesses and individuals.

The guide gives agents easy access to Risk Rating 2.0 information when completing a National Flood Insurance Program (NFIP) application.

The reconciliation package could include up to $1.75 trillion in tax increases that could impact small businesses, including independent agencies that file taxes as a C corporation.

The Big “I” pointed out that the rule directly conflicts with state laws that require rates to be based upon actuarially sound factors predicated on risk.

Supported by the Big “I,” the legislation would eliminate the Federal Insurance Office, an information-gathering body within the U.S. Treasury Department.

The notice to Write-Your-Own insurance companies stated the anticipated quoting and policy issuance for Phase 1 of Risk Rating 2.0 policies will be available starting on Aug. 16.

The Big “I” and other organizations urged the Department of Labor to adopt a staged enforcement policy for new disclosure requirements.

The legislation clarifies that a flood insurance policy purchased in the private market can count as “continuous coverage” under the terms of the National Flood Insurance Program (NFIP).