News

This week, Sens. Michael Crapo (R-Idaho) and Sherrod Brown (D-Ohio) introduced the “NFIP Reauthorization Act of 2017,” which would reauthorize the NFIP for six years.

Independent agents continue to dominate commercial lines while rivaling direct response writers and captive carriers in personal lines business, according to the 21st Market Share Report from the Big “I.”

This week, the association joined more than 40 small business trade associations in sending a letter that urges the U.S. Senate to repeal the harmful Affordable Care Act tax on net investment income as part of any health reform legislation.

The Big “I” responded to a request for information from the U.S. Department of Health and Human Services that asked for ideas on how to reduce some of the regulatory burden created by the Affordable Care Act.

In the second quarter of 2017, the composite rates for commercial and personal lines were up +1% and +2.5%, respectively, according to the quarterly MarketScout pricing survey.

The Department of Labor is currently reviewing the fiduciary and overtime rules, as well as other labor policies issued during the Obama Administration.

U.S. Senate Majority Leader Mitch McConnell (R-Kentucky) announced that the Senate would delay an expected vote on the “Better Care Reconciliation Act” until after the July 4 congressional recess.

The legislation would be somewhat similar to the repeal and replace legislation that the U.S. House of Representatives passed earlier this year.

One of the bills in the markup includes provisions that would cap WYO insurers’ reimbursement rate at 27.9% to administer the NFIP. Currently, the rate is 30.9%.

The legislation would reauthorize the NFIP for five years and addresses a variety of issues, including providing greater private market access, enhancing mitigation efforts and more.