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Issues

Issues Please click the issue topics below for more information. For more detailed information about the specific issues and access to important documents prepared by the Big "I" Government Affairs staff, you must be a member of the Big "I" and logged in for access. To stay up-to-date on the latest government affairs topics, please check out our articles here! Don't know your log-in/password? Retrieve it here Agent Licensing Reform In 2015, a law was passed to create NARAB, which helps insurance businesses and agents with licensing compliance. The Board of Directors responsible for overseeing NARAB has not yet been appointed, but the Big "I" is pushing for its establishment. Coronavirus The Big "I" helps members navigate pandemic regulations through national solutions with leaders, the insurance market, and the business community. Resources are available for assistance. Crop Insurance The FCIP offers crop insurance to protect against natural disasters and price declines. Over 12,000 agents provide policies. The Big "I" supports the program and opposes changes that would harm farmers or the private sector delivery of insurance. Cyber Insurance As the world becomes more connected, protecting personal information, data security, and cyber insurance coverage are crucial. Big "I" supports legislative efforts to defend against cyberattacks and meet market demands for cyber insurance. Employment Regulation The FLSA sets standards for minimum wage, overtime pay, recordkeeping, and youth employment. The DOL enforces it. Big "I" works to ensure these regulations don't burden insurance agencies. Fiduciary Standards of Care Federal and state entities are deciding on standards for selling and servicing investment and retirement products. The Big "I" wants to make sure any resulting laws or regulations are clear and don't limit agents and brokers from helping their clients. Flood Insurance NFIP is the main flood insurance provider in the US, covering over 20,000 communities. Big "I" works to improve access to flood insurance through public and private markets and promotes agents' role in helping property owners make informed decisions. Health Care From December 27, 2021, health insurance agents, brokers, and consultants must disclose their compensation and other relevant details to plan sponsors. Health insurers must also reveal broker compensation to individual insureds. The Big "I" provides resources to help agents and brokers understand these changes. Insurance Regulatory Reform The insurance industry is regulated by states under the McCarran-Ferguson Act, but federal laws can also impact state regulation. The Big 'I' supports a state-based regulatory system and opposes the Federal Insurance Office. Miscellaneous More information here about autonomous vehicles, natural disaster insurance, and other issues relevant to the insurance industry. Risk Retention The use of Risk Retention Groups was authorized by Congress in the 1980s to increase the supply of commercial liability insurance. However, it was not intended for RRGs to insure multiple types of risks. Some want to expand the coverage RRGs can offer, but this would undermine state insurance regulation, distort insurance markets, and put consumers at risk. The Big "I" opposes such proposals. Taxes Big "I" members benefited from a 2017 tax reform package. C-Corps saw reduced rates and pass-through entities got a new deduction. Big "I" is advocating for proper implementation and aims to make temporary provisions permanent. Terrorism Insurance The Terrorism Risk Insurance Program (TRIP) was created in 2002 after the 9/11 attacks to aid the insurance market in covering losses from terrorism. It has been reauthorized three times and extended until December 2020. The Big "I" supports TRIP and will advocate for its reauthorization. Legislative Conference Documents Download documents to support your visits in Washington, D.C. There's no need to Wait Invest in Your Agency's Success Join the Big "I" Today! More from Government Affairs Issues Find detailed information about specific documents prepared by the Big "I" Government Affairs team. Learn More Independent Agent magazine: On The Hill Stay up to date on the latest government affairs issues affecting independent insurance agents. Learn More InsurPac Find out how one of the nation’s largest small business Pacs is working to protect, promote and perpetuate independent agents. Learn More Big “I” Legislative Conference Save the date for the annual trip to Washington D.C. scheduled for April 10-12, 2024. Learn More