On the Hill

The hearing covered topics including the structure of the National Flood Insurance Program (NFIP), the role of private flood insurance, and Risk Rating 2.0.

The Big “I” urged the Department of Health and Human Services to avoid any outcomes that formally or effectively apply these new mandates to agents and brokers.

Important for Big “I” members, the budget includes proposals to increase the corporate tax rate, capital gains tax and an end to the “stepped-up basis” allowing the tax free passing of investments to heirs after death.

The new information provides localized rate analysis at the zip code level for all 50 states and the District of Columbia, as well as flood mitigation actions for policyholders.

The National Flood Insurance Program will be hosting a number of Risk Rating 2.0 – Equity in Action webinars designed for insurance agents throughout June and July.

The coalition intends to spread the message that the tax increases proposed in the American Jobs Plan and the American Families Plan would stall economic recovery rather than fuel it.

President Joe Biden’s American Families Plan contains multiple significant tax increases, including ending the “stepped-up basis” tax preference critical to helping business survive the loss of a loved one or business partner.

The Big “I” submitted a statement on the need for a long-term reauthorization of the National Flood Insurance Program, and also submitted comments on proposed interagency Q&As on private flood insurance.

The rescinded rule would have put more emphasis on the nature and degree of the worker’s control over the work and the worker’s opportunity for profit or loss in the “economic realities” test.

The act would require FEMA to release an impact analysis at least six months before National Flood Insurance Program changes, and prohibit certain changes during and up to six months after the COVID-19 emergency declaration.