On the Hill

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).

The webinars will bring agents the latest information on how and when the new pricing methodology for the National Flood Insurance Program (NFIP) will be implemented.

The legislation would phase out the 20% small business tax deduction for taxpayers with incomes over $400,000, while eliminating it altogether for those with incomes exceeding $500,000.

The Big “I” testimony noted that the businesses and nonprofit organizations our members serve were severely impacted by the COVID-19 pandemic and want to be a part of the solution on future pandemic risk.

The PRO Act would drastically change the nation’s labor laws and includes a provision that could significantly impact the independent agency system.