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PIA to House: Vote ‘No’ on Flood Bill

PIA National has sent a letter to Speaker of the House Paul Ryan and Minority Leader Nancy Pelosi, expressing our opposition to H.R. 2874, the 21st Century Flood Reform Act, which is set to be considered in the House this week...
November 14, 2017

PIA National has sent a letter to Speaker of the House Paul Ryan and Minority Leader Nancy Pelosi, expressing our opposition to H.R. 2874, the 21st Century Flood Reform Act, which is set to be considered in the House this week.

“As an independent insurance agent association, we strongly oppose the bill, as it contains a provision that will push independent insurance agents out of selling NFIP policies, which will hurt consumers, agents, and the program going forward,” said PIA National Executive Vice President & CEO Mike Becker. “Many WYO carriers have stated that, for them to remain in the program, they will pass on the cut to agents through their commissions.”  

PIA urges members to vote no on H.R. 2874 or any other legislation that cuts the WYO rate and does not include a strong and robust protection for agent compensation.

House Financial Services Chairman Jeb Hensarling (R-Texas) is trying to marshal support for legislation. GOP Leadership canceled plans last week to put the measure to a floor vote after the Congressional Budget Office (CBO) discovered a $100 million hole in the plan. Meanwhile, coastal-state Republicans such as Reps. Mark Sanford (R-S.C.) and Chris Smith (R-N.J.) say there isn’t enough support in their party’s ranks to pass the legislation, which Democrats are expected to oppose.

 

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