On the Hill

Sen. Chuck Schumer (D-New York) will address Big “I” membership on Thursday, April 14 at the Big “I” Legislative Conference breakfast.

The Department of Labor is in the final phase of completing a rule that would adjust when certain white collar workers can properly be considered “exempt” employees who are not entitled to overtime compensation.

Today, numerous changes will affect the NFIP, impacting many businesses, homeowners and independent agents and brokers that sell and service flood policies.

The Big “I” signed a letter to Congress reminding them that tax reform efforts should address individual rates for small business pass-through entities, along with corporate rates.

The Department of Labor is in the process of finalizing two new rules that address issues related to financial advice and employee classification for overtime pay—both of which will impact independent insurance agencies and many of their customers.

Sen. Tim Scott (R-South Carolina) will deliver the keynote address to Big “I” membership on Thursday, April 14 at the Big “I” Legislative Conference breakfast.

Earlier this week, the U.S. House of Representatives Committee on Financial Services reported H.R. 2901, the “Flood Insurance Market Parity and Modernization Act,” to the full House for consideration.

To continue its efforts to protect the Federal Crop Insurance Program, the Big “I” sent a letter asking congressional leaders to oppose any additional cuts to the program during the fiscal year 2017 appropriations process.

The U.S. House of Representatives Financial Services Committee and Housing and Insurance Subcommittee held a hearing that featured perspectives from insurers and academia regarding insurance regulatory standards.

Insurers in several states have reduced agent and broker commissions for individual health insurance plans. To fight these actions, the Big “I” recently sent a letter expressing concern.