PIA lobbies Congress on important federal issues

Independent insurance agents from across the country convened in Washington, D.C., Sept. 18-19, 2024, for the 2024 PIA National Federal Legislative Summit. With legislation impacting businesses and consumers at stake, agents met with members of Congress to ensure their voices were heard.

Urgent call for long-term NFIP reauthorization
With the National Flood Insurance Program facing yet another expiration in September 2024, PIA continues its fight for long-term reauthorization. Short-term extensions create uncertainty for consumers and agents alike. PIA advocates for reforms like updated mapping, affordability programs, and continuous coverage protections to stabilize the program and ensure agents can continue serving their clients.

Protecting consumers from the risks of direct-to-consumer flood insurance
The Federal Emergency Management Agency’s proposed direct-to-consumer flood insurance model threatens to bypass agents—leaving consumers to navigate complex data requirements alone. PIA argues this will lead to confusion, especially for consumers who lack all of the information needed to generate an accurate quote. This jeopardizes a consumer's ability to purchase the proper flood insurance coverage. Agents remain critical in helping consumers understand their flood risks and coverage options.

Safeguarding crop insurance and agent compensation
PIA remains a strong advocate for protecting crop insurance, a critical safety net for farmers. Despite repeated budgetary threats, PIA opposes cuts and supports legislative efforts to restore inflation adjustments to agent commissions, which have been frozen since 2016. The Ensuring Access to Risk Management Act (H.R.8055) would reinstate these adjustments and offer much-needed relief.

Defending the state-based insurance system
PIA continues to champion the state-based insurance regulatory system, which has effectively protected consumers for over a century. Federal overreach, particularly through the Federal Insurance Office, threatens this system. PIA supports the Federal Insurance Office Elimination Act and the Insurance Data Protection Act to reduce the FIO’s expanding authority and safeguard state regulators’ ability to meet local needs.

Securing permanent tax relief for independent agencies
PIA advocates for making permanent the 20% tax deduction for passthrough entities established under the 2017 tax reform law. This deduction has provided crucial tax relief to many small insurance agencies, but it is set to expire in 2025. PIA supports the Main Street Tax Certainty Act to ensure long-term stability for agency owners.

Through its ongoing advocacy, PIA continues to defend independent agents' roles in critical programs like the NFIP and crop insurance. With major legislation on the horizon, PIA’s efforts to ensure long-term stability, fair compensation, and a state-based regulatory system are vital for both agents and consumers.