News

Big “I” Chairman Joe Leahy was in Washington, D.C. this week to meet with members of Congress and set the groundwork for this year’s Legislative Conference, to take place May 8-10.

Earlier this week, the Big “I” and other stakeholders sent a letter to FEMA asking for clarification on when consumers can receive a refund for unearned premiums if they cancel an NFIP policy mid-term in favor of a private policy.

To help Big “I” members understand recently passed regulations concerning a new tax deduction for “qualified business income” under Section 199A of the tax code, the Big “I” posted multiple new resources.

Insurance companies that do business in New York will have to comply with New York’s third-party service provider regulations as of March 1.

Insurers have historically taken a reactive approach to macroeconomic trends, demographic shifts, market demands, technological developments and regulatory changes—and that has hurt consumer trust.

Last Friday, federal banking regulators issued a new rule outlining when lenders are required to accept private flood insurance to satisfy mandatory purchase requirements.

Today, with strong support from the Big “I,” Reps. Joe Courtney (D-Connecticut) and Mike Kelly (R-Pennsylvania) introduced bipartisan legislation that would repeal the “Cadillac” tax, which would unfairly and disproportionately affect middle-income Americ

The new tax deduction reduces the top effective tax rate on pass-through income to approximately 29% from 37%. For those in the 24% bracket, it can reduce the rate to as low as 19.2%.

Since passage of the 2017 tax reform law, the Big “I” has been aggressively advocating before Congress and the Trump Administration that insurance agencies and brokerages should not be considered a specified service trade or business.

The IRS recently issued final regulations governing Section 199A of the tax code. The rule confirms that owners and shareholders of insurance agencies and brokerages organized as pass-through entities are eligible for a tax deduction of up to 20% on “qual