On the Hill

As of press time, the NFIP is expected to receive a two-week extension this Friday as part of a continuing resolution Congress is predicted to pass to fund the government through Dec. 22.

Last week, the U.S. House of Representatives introduced legislation to fully repeal the Federal Insurance Office.

Early Saturday morning, the U.S. Senate voted 51-49 to pass a wide-ranging tax reform bill, following passage of similar legislation by the U.S. House of Representatives in November.

Earlier this week, the U.S. Senate voted 52-48 along party lines to begin debate on tax reform legislation. Senate Republican leaders are hopeful they will be able to pass the legislation before the end of the week.

The changes include a new certification date, and will allow farmers to choose a unit structure based on their risk management needs. Farmers must meet conservation compliance standards to receive Federal Crop Insurance Program subsidies and purchase adeq

While the fiduciary rule remains the law of the land, the Department of Labor this week confirmed an 18-month delay for key portions of the rule—creating more time for the DOL to make anticipated changes.

For 2019, the U.S. Department of Health and Human Services announced plans to make the Medical Loss Ratio adjustment process less burdensome on states, and enable states to develop innovative solutions for stabilizing the individual markets.

The centerpiece of both the U.S. House of Representatives and Senate tax reform bills is a large cut to the corporate tax rate.

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.