On the Hill

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.

Earlier this week, President Obama released his budget for fiscal year 2017. This blueprint proposes changes to the “Cadillac” tax and sets the stage for additional cuts to the Federal Crop Insurance Program.

Big “I” Chairman Randy Lanoix was on Capitol Hill this week, where he met with members of Congress to advocate on behalf of the association and lay the groundwork for the 2016 Big “I” Legislative Conference.