On the Hill

This week, the U.S. House of Representatives passed a bill that reauthorizes the NFIP for five years and makes several reforms to the program.

At press time, the U.S. House of Representatives Committee on Ways and Means was expected to pass legislation that would make major changes to the nation’s tax laws, and the full House could vote on it as early as next week.

Earlier today, Republicans in the U.S. House of Representatives released the text of their much-anticipated tax reform proposal, which echoes previous frameworks by the Trump Administration and Congress.

The report is generally supportive of state insurance regulation, noting that in most cases, the business of insurance is local in nature and a national one-size-fits all regulation approach is not appropriate.

Earlier this year, the New York Department of Financial Services promulgated a data security regulation that will take effect in stages over the next two years. The most immediate deadline is this upcoming Monday, Oct. 30.

The hearing primarily focused on international insurance issues, but also touched on topics related to the Federal Insurance Office.

Last week, the U.S. House of Representatives advanced a $36.5-billion disaster relief package that marks the second installment of aid since a series of natural disasters struck southeast Texas, Florida and Puerto Rico, among other areas.

Today, President Trump issued an executive order directing federal agencies to expand access to association health plans and instructing agencies to roll back federal restrictions on short-term health plans.

The White House released proposed changes to the NFIP that it would have liked to see included in a disaster aid package the U.S. House of Representatives is scheduled to vote on this week.

On Wednesday night, the Trump Administration sent a letter to Congress requesting emergency hurricane relief funds and outlining substantial NFIP reforms.