News

As one of the leading supporters of a modernized state-based system of insurance regulation, the Big “I” supports eliminating or significantly restricting the authority of the Federal Insurance Office.

On Monday, FEMA issued a bulletin stating that consumers cannot receive a refund for unearned premiums if they cancel a NFIP policy mid-term in favor of a private policy.

On Monday, FEMA announced significant changes to the way the NFIP will charge homeowners for flood insurance risks.

On Wednesday, Chris Heidrick, chair of the Big “I” Flood Insurance Task Force, testified before the U.S. House of Representatives Financial Services Committee on reauthorization of the NFIP.

The budget proposal includes $26 billion in cuts to the FCIP and proposed means-testing for the NFIP.

Last week, the Department of Labor issued a new proposed overtime regulation. The regulation, which had been anticipated since last year, comes after the Obama Administration overtime rule was struck down in a Big “I”-supported lawsuit.

This week, Sens. Mike Rounds (R-South Dakota) and Martin Heinrich (D-New Mexico) introduced bipartisan legislation to repeal the “Cadillac” tax. Earlier this year, Reps. Joe Courtney (D-Connecticut) and Mike Kelly (R-Pennsylvania) also introduced legisla

Last week, the Federal Insurance Office named Steven Seitz as its new director. Seitz was previously deputy director and became acting director when Steve Dreyer stepped down late last year.

U.S. House of Representatives Ways and Means Committee Chairman Richard Neal (D-Massachusetts) will address Big “I” members during the 2019 Big “I” Legislative Conference Breakfast on Thursday, May 9.

Earlier this week, the Big “I” joined a long list of insurance, commodity, farm, environmental and lending groups in sending two letters opposing cuts to the Federal Crop Insurance Program during this year’s budget process.