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2024 Big “I” Legislative Conference
Several agents from the state will be in Washington, DC on April 10th-12th to discuss topics important to agents all across Iowa. Congratulations go out to Erin Dop from the Fullenkamp Agency in West Point as she was awarded a scholarship to attend from IIABA. We have appointments set with all of our legislators and will be discussing several key issues affecting agents today. Some of those topics will include:
Oppose Tax Increases on Main Street America
The Big “I” supports The Main Street Tax Certainty Act (S. 1706 & H.R. 4721), which would make permanent the 20% small business deduction (Section 199A of the U.S. tax code) passed as part of the 2017 Tax Cuts & Jobs Act. The deduction, which is scheduled to expire at the end of 2025, is heavily relied upon by many Big “I” members to keep their agencies operating, meet payroll, and better serve consumers and their communities. Address the Insurance Market Crisis by Cracking Down on Lawsuit Abuse and Encouraging Risk Mitigation Although the property/casualty (p/c) insurance market is cyclical and expectedly fluctuates between what are known as hard and soft markets, we are currently amid a property insurance crisis that is unprecedented in nature.
Address the Insurance Market Crisis by Cracking Down on Lawsuit Abuse and Encouraging Risk Mitigation
Although the property/casualty (p/c) insurance market is cyclical and expectedly fluctuates between what are known as hard and soft markets, we are currently amid a property insurance crisis that is unprecedented in nature. Appropriate and suitable p/c insurance is simply unaffordable for millions of Americans, and it is altogether unavailable for a growing universe of families, businesses, and individual consumers. These crisis conditions are not limited to areas traditionally associated with natural disasters. They are now ubiquitous and found in every corner of the country, and they are producing troubling repercussions and ripple effects throughout our economy. This pressure is particularly challenging for independent agents as they attempt to secure p/c coverage for their clients and explain significant rate fluctuations while keeping their own businesses operational.
Protect the Federal Crop Insurance Program (FCIP)
As Congress negotiates a new five-year Farm Bill it is critical to support policies strengthening the stability and effectiveness of the FCIP. Crop insurance is a critically important risk management tool that helps farmers navigate the challenges posed by weather disasters, supply chain disruptions, and uncertain markets. The Big “I” supports a strong and robust FCIP that provides certainty for farmers and communities and is strongly opposed to any legislative or regulatory efforts to reduce FCIP funding in the new Farm Bill or otherwise weaken the efficient and effective private sector delivery of crop insurance.
Extend and Reform the National Flood Insurance Program (NFIP)
The Big “I” strongly supports reauthorization of the NFIP before its expiration and recognizes the importance of a modernized program to increase take-up rates in both the NFIP and the private market. Specifically, the Big “I” supports H.R. 900, which would allow private flood insurance to satisfy continuous coverage requirements and ensure that consumers who leave the NFIP for the private market, but are later forced to return, can do so without penalty. The Big “I” also opposes any policies that would harm the Write-Your-Own (WYO) Program (including WYO reimbursement reductions) and undermine the valuable and trusted role that independent agents play in the offering, sale, and servicing of flood insurance. Finally, it is essential for FEMA to communicate with agents more clearly so they can explain rate setting and changes in premiums to their customers now that Risk Rating 2.0 has been fully implemented.
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