News

Key victories include a huge win giving independent agencies tax relief and a trifecta of Big “I” priorities made into law.

Today, the U.S. Senate passed a legislative package that includes three key priorities for independent agents: Reauthorizing the Terrorism Risk Insurance Act, extending the National Flood Insurance Program and repealing the “Cadillac tax.”

The Big “I” supports and continues to advocate for the House to pass legislation to reauthorize the NFIP for five years with reforms.

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.

The Big “I” submitted comments to FEMA on its Advanced Notice of Proposed Rulemaking entitled: Revisions to Methodology for Payments to Write Your Own Companies.

This week, several members of Congress announced they were introducing legislation to reauthorize the NFIP for five years while also making a number of troubling changes to the program.

Earlier this week, FEMA published proposed rulemaking which follows the Biggert-Waters mandate to modify the way FEMA pays private insurance companies participating in the WYO program for the NFIP.

In a moment of bipartisanship, the U.S. House Financial Services Committee passed the legislation by a unanimous vote of 59-0.

Earlier this week, the U.S. House of Representatives passed a disaster aid package that included an extension of the NFIP through Sept. 30, the end of the fiscal year.

At press time, the U.S. House of Representatives is expected to try to pass a two-week extension of the NFIP, which is currently scheduled to expire at midnight tomorrow, May 31.