Rep. Carolyn Maloney (D-New York) led the charge on an exemption for insurance agents and brokers from new onerous federal reporting requirements and was the primary sponsor of the Pandemic Risk Insurance Act.
Rep. Carolyn Maloney (D-New York) is the Gerald Solomon Big “I" Legislator of the Year for 2020.
First elected to Congress in 1992, Rep. Maloney is a long-standing member of the House Financial Services Committee and chairs the Committee on Oversight and Reform. Her work on the Terrorism Risk Insurance Act (TRIA) in the wake of the 9/11 terrorist attacks has been lauded by both sides of the aisle and the insurance industry.
“Her father was an insurance agent, so she certainly understands the independent agency system, and she has shown that knowledge over the years through her leadership on insurance issues," said Bob Rusbuldt, Big “I" president and CEO.
Last year, Rep. Maloney (pictured above) was a leading voice on responding to future pandemics and was the primary sponsor of the "Pandemic Risk Insurance Act (PRIA)." Modeled on TRIA, PRIA would create a federal backstop to prevent economic losses from future pandemics.
While working on anti-money laundering legislation, Rep. Maloney also led the charge on including an exemption for insurance agents and brokers from new onerous federal reporting requirements. “Her knowledge of state insurance regulation and the reporting requirements that agents already face at the state level led to this huge win for Big 'I' members," Rusbuldt added.
Upon receiving the award during the 2021 Big “I" Virtual Legislative Conference, Rep. Maloney thanked Rusbuldt and Lisa Lounsbury, Big I New York president & CEO, for their “years of support in working with me on so many critical insurance issues," said Rep. Maloney. “Whether it is terrorism insurance or beneficial ownership requirements, I have always enjoyed working along with the independent agent community. I hope you will know you will always have a friend in me and I wish you all the best at your virtual conference this year."
“This award is such an honor, especially since Rep. Solomon was my colleague, friend and a fellow New Yorker," she added.
The Big “I" presents the Legislator of the Year Award annually to a member of Congress who provides outstanding leadership on insurance issues. The name of the award honors the late Rep. Gerald Solomon (R-New York), a former U.S. House of Representatives Rules Committee chairman and Big “I" member who championed independent agent and broker legislative causes during his 20 years in Congress.
Will Jones is IA editor-in-chief.