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.
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.
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.
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.
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.
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.
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.
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.
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.
More information here about autonomous vehicles, natural disaster insurance, and other issues relevant to the insurance industry.
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.
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.
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.
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Find detailed information about specific documents prepared by the Big "I" Government Affairs team.
Stay up to date on the latest government affairs issues affecting independent insurance agents.
Find out how one of the nation’s largest small business Pacs is working to protect, promote and perpetuate independent agents.
Save the date for the annual trip to Washington D.C. scheduled for April 10-12, 2024.