This week, Georgia Gov. Brian Kemp signed into law a comprehensive package of legal reform measures designed to restore balance and fairness to the state’s troubled civil justice system.
The guidance was set to take effect on June 1 and would have required mortgagors to acquire replacement cost value coverage for their property, including roofs, deeming actual cash value unacceptable.
Rep. Josh Gottheimer (D-New Jersey) spoke to Big “I” members to discuss the political climate on Capitol Hill, as well as progress on key Big “I” legislative priorities.
The bill will require the Government Accountability Office (GAO) to conduct a study on wildfire damage, the existing state of insurance coverage, possible government mitigation responses, and the challenges faced by private insurers.
The act would prevent the Consumer Financial Protection Bureau from pursuing enforcement against any person regulated by a state insurance regulator.
The Big “I” was successful in securing an exemption for independent agents from the act by showing that insurance producers already provide this beneficial ownership information to state regulators.
The act aims to enhance price transparency within the healthcare system, fostering informed decision making for patients and employers.
Without this exemption, the act would have required agencies with fewer than 20 employees to file new reports on their beneficial ownership.
A short-term reauthorization of the National Flood Insurance Program through to Feb. 2, 2024, was included. The legislation also included an extension of the current Farm Bill through to Sept. 30, 2024.
The Big “I” advocated for efforts to address the current property insurance crisis and its impact on consumers at a U.S. House of Representatives hearing.
