On the Hill

Last week, concerning legislation to expand the types of commercial insurance risk retention groups can offer to nonprofit organizations was introduced in the U.S. House of Representatives.

Earlier today, the U.S. Senate passed government funding legislation that extends the NFIP through Nov. 21. The legislation now heads to the president’s desk where it is expected to be signed into law.

On Wednesday, the U.S. House of Representatives passed Big “I” supported legislation designed to protect banks, insurers and insurance agents from federal penalties if they provide financial services to cannabis-related businesses legalized at the state l

The final rule is a significant improvement from the overtime rule proposed during the Obama Administration but still presents compliance challenges for independent agencies and state associations.

On Monday, Quincy L. Branch, president & CEO of Branch Benefits Consultants in Las Vegas, was reappointed to the Federal Advisory Committee on Insurance.

The Big “I” joined more than 300 organizations, including the U.S. Chamber of Commerce, in sending a letter urging Congress to pass a long-term reauthorization of the Terrorism Risk Insurance Act, which is currently scheduled to expire on Dec. 31, 2020.

Much of the discussion focused on the multi-year effort by the International Association of Insurance Supervisors to develop a group-wide, risk-based insurance capital standard.

Advocates for Highway and Auto Safety’s mission is the adoption of federal and state laws, policies and programs that prevent motor vehicle crashes, save lives, reduce injuries and contain costs.

The Big “I” submitted comments to FEMA on its Advanced Notice of Proposed Rulemaking entitled: Revisions to Methodology for Payments to Write Your Own Companies.

Last week, the Federal Reserve published a long-awaited proposed rulemaking to establish capital requirements for certain insurers that own banking institutions.