Whether you're a PIA Member or not, The PIA works hard to fight for the independent insurance agent on Capitol Hill. Here's how:
This may change between now and the time you read this story. However, our experience is that it won’t change at all before the November 30th deadline.
At the end of this week the National Flood Insurance Program (NFIP) expires again. PIA National — and other insurance, real estate and banking groups — want Congress to get to work and get the job done.
A national grassroots alert has been issued. PIA members are encouraged to take a few minutes to send an action alert, which can be found here: https://pianet.com/grassroots/action.
PIA supports a bill introduced by Louisiana Republican Sen. John Kennedy and New Jersey Democrat Sen. Robert Menendez that reauthorizes the program. Kennedy calls it a clean bill that extends the NFIP through May of next year.
That reauthorization does not — however — include any reforms to the program.
“I am increasingly frustrated that we haven’t made long-term fixes to the NFIP. However, this program is absolutely necessary to more than five million American homes and businesses,” Kennedy said.
Both senators say the program needs an extensive overhaul but for right now, Menendez said getting it extended is the most important issue. “But with the NFIP set to expire in about two weeks and no movement on the horizon, it’s critical that we prevent a lapse that would disrupt the real estate market and leave thousands of families uninsured and vulnerable,” Menendez said.
Another renewal possibility comes in the government funding legislation that has to be done by December 7th.
To put pressure on Congress, the PIA has signed onto a joint trades letter sent to House Speaker Paul Ryan, House Minority Leader Nancy Pelosi, Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell. The letter says, “A lapse of the NFIP, will leave millions of Americans at risk and cause disruption in the over 20,000 communities across the country that depend on the program.”
he letter also points a finger at Congress and says it’s time to stop the months of debating program reforms and get some work done. “This has already resulted in a series of seven stop-gap extensions and two brief lapses in 2017 and 2018. The NFIP is currently the main source of flood insurance in the United States, and Americans deserve certainty and stability in the flood insurance marketplace to be able to protect their homes and loved ones.”
The letter also notes that flooding is the most common — and the most costly — disaster in the United States.
Here’s a list of the groups adding their signatures to the letter:
American Bankers Association
American Insurance Association
American Land Title Association
Association of State Floodplain Managers
Coalition for Sustainable Flood Insurance
The Council of Insurance Agents & Brokers
The Independent Community Bankers of America
The Independent Insurance Agents & Brokers of America
International Council of Shopping Centers
Manufactured Housing Institute
Mortgage Bankers Association
National Apartment Association
National Association of Home Builders
National Association of Insurance and Financial Advisors
National Association of Mutual Insurance Companies
National Association of Professional Insurance Agents
National Association of REALTORS®
National Flood Association
National Leased Housing Association
National Multifamily Housing Council
Property and Casualty Insurers Association of America
Reinsurance Association of America
The Risk Management Society
U.S. Chamber of Commerce
Wholesale & Specialty Insurance Association
Source links: PIA National, Insurance Journal