PIA National’s Policy Priorities for 2024

PIA National has released its 2024 policy priorities.

The association — as always — is working hard to promote the interests of the independent agent and agency members of the PIA. These are the priorities for this year but those priorities can always change as the year progresses and as other interests and needs come forth.

The PIA Government Relations staff took a long look at past positions and at the current priorities of members of Congress and the two political parties, and with input from association members around the country, came up with the 2024 Policy Priorities.

Tax Issues: It was Will Rogers who said the only difference between death and taxes is that death doesn’t get worse every time Congress meets. Taxes are definitely on the mind of PIA officials, and specifically, business taxes.

PIA supports the Main Street Tax Certainty Act (H.R. 4721/S. 1706), introduced by Republican Sen. Steve Daines of the PIA Western Alliance state of Montana, and Rep. Lloyd Smucker (R-PA). The Main Street Tax Certainty Act would make permanent the 20% tax deduction available to qualifying S corporations, also known as passthrough corporations.

For more details on PIA’s advocacy on tax issues, please visit the Tax section of the PIA Policy Priorities webpage — https://www.pianational.org/advocate/issues-of-focus/tax-relief-passthrough

Crop Insurance: As it always has, the PIA supports the federal crop insurance program. It is a highly technical program relying on the expertise of independent insurance agents. The program requires private sector insurance carriers to offer crop insurance to eligible growers who are interested in purchasing it.

The process of reauthorizing the Farm Bill — which includes the federal crop insurance program — is ongoing. PIA will continue to help members of Congress understand the critical role PIA’s independent agent members play in providing crop insurance as the Farm Bill reauthorization process moves forward.

PIA also supports provisions included in the year-end fiscal 2024 appropriations package meant to address the inflation adjustment issues that have been effectively reducing crop insurance agent compensation for the past several years.

For more details on PIA’s advocacy in the area of crop insurance, please visit the Crop Insurance section of the PIA Policy Priorities webpage — https://www.pianational.org/advocate/issues-of-focus/Crop-Insurance-8cc08093-a61c-495a-80c5-cd2be65ee113

Flood Insurance: PIA supports the long-term reauthorization of the National Flood Insurance Program (NFIP). In 2019, the PIA endorsed a legislative package that unanimously passed the House Financial Services Committee but stalled afterward and was never considered by the full House or Senate.

This year, PIA is urging Congress to pass a long-term reauthorization with those needed reforms. The NFIP has been extended over 25 times on a short-term basis since 2017, and more short-term extensions will likely be needed throughout 2024. PIA will continue to request that Congress reauthorize the NFIP long-term with key reforms and to recognize the essential role independent agents play as frontline experts on the program. 

For more details on PIA’s advocacy in the area of flood insurance, please visit the Flood Insurance section of the PIA Policy Priorities webpage — https://www.pianational.org/advocate/issues-of-focus/Flood-Insurance-94897fbd-d5a4-41df-8619-7b31eb221d12

Cannabis Safe Harbor: PIA strongly supports legislation to protect insurance agents and carriers from federal criminal liability for engaging in the business of insurance with cannabis related entities in states where cannabis is legal.

In 2023, the Senate Banking, Housing and Urban Affairs Committee passed the Secure and Fair Enforcement Regulation (SAFER) Banking Act, a cannabis safe harbor bill (S. 2860) introduced by Democratic Sen. Jeff Merkley of the PIA Western Alliance state of Oregon.

PIA will continue to advocate for its passage during the remainder of this Congress.

For more details on PIA’s advocacy in the area of cannabis financial services, please visit the Cannabis Safe Harbor section of the PIA Priorities webpage — https://www.pianational.org/advocate/issues-of-focus/cannabis-safe-harbor

Repeal or Reform of the Federal Insurance Office (FIO): The PIA supports legislation to repeal or reform the Federal Insurance Office, a federal body overseen by the Treasury Department.

Congress created the FIO in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and it is an ongoing threat to the successful state insurance regulatory system.

PIA supports the FIO Elimination Act (H.R.2933/S. 1694), introduced by Rep. Ben Cline (R-VA) and Sen. Ted Cruz (R-TX), which would fully repeal the FIO. PIA also strongly supports the Insurance Data Protection Act (H.R. 5535/S.3349), introduced by Rep. Scott Fitzgerald (R-WI) and Sen. Katie Britt (R-AL). This legislation would meaningfully reform the FIO by removing the FIO Director’s subpoena authority.

For more details on PIA’s efforts to repeal or reform the FIO, please visit the FIO section of the PIA Policy Priorities webpage — https://www.pianational.org/advocate/issues-of-focus/Protecting-State-Insurance-Regulation-5aee0844-9b46-4cc6-8f0d-3f2f4c4f7e4c

Source link: PIA National — https://piaadvocacy.com/2024/01/18/pia-releases-2024-policy-priorities/

About PIA Western Alliance

The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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