News

The Terrorism Risk Insurance Act, which is currently scheduled to expire on Dec. 31, 2020, is vitally important to maintaining the stability of the commercial property-casualty insurance market.

The bill would narrow the use of noncompete agreements to include only necessary instances of a dissolution of a partnership or the sale of a business.

The Big “I” was the only producer group that advocated on behalf of independent agents and brokers to exclude them from new onerous requirements included in the “Corporate Transparency Act.”

Even though the proposed rule makes improvements to the legal process, it would leave insurers and insurance agents and brokers with legal exposure that did not exist prior to 2013.

Last week, the House Financial Services Committee Chairwoman Maxine Waters (D-California) introduced H.R. 4634 in the U.S. House of Representatives, which would reauthorize the Terrorism Risk Insurance Act for ten years.

Big “I” members, along with other employers, must adhere to new regulations on overtime pay from the U.S. Department of Labor by Jan. 1, 2020. To learn more about the major regulatory change on overtime pay, watch a Big “I” webinar.

On Sept. 25, one week after a new labor bill was signed into law in California, the House Education and Labor Committee approved H.R. 2474, “the Protecting the Right to Organize Act,” by a party-line vote of 26-21.

The bill would provide safeguards to ensure that federal objectives for international negotiations more closely align with the interests of consumers, the U.S. insurance sector and its state regulatory system.

Last week, concerning legislation to expand the types of commercial insurance risk retention groups can offer to nonprofit organizations was introduced in the U.S. House of Representatives.

Earlier today, the U.S. Senate passed government funding legislation that extends the NFIP through Nov. 21. The legislation now heads to the president’s desk where it is expected to be signed into law.