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PIA Opposed Flood Bill in House

PIA National 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, prior to the bill being approved by the House on November 14, by a 237-189 vote.

PIA opposed the bill over the provision that cuts the Write-Your-Own (WYO) reimbursement rate paid to insurance companies that participate in the NFIP by 3 percentage points. The WYO reimbursement rate is the vehicle by which agents receive their commissions for selling NFIP policies. 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 will continue to work with Congress to provide a strong and robust protection for agent compensation, so consumers will have the expertise they need to navigate the NFIP, and the program itself can achieve the increased level of participation it requires to be financially strong," said Jon Gentile, PIA National vice president of government relations, in a statement issued after the House vote. H.R. 2874 now goes to the Senate.

Join The PIA Peers Facebook Group

The PIA Peers Facebook group is for members of the National Association of Professional Insurance Agents (PIA) and their affiliated state associations. This agent-to-agent group was created for PIA members to discuss topics and challenges they are confronted with on a daily basis such as challenges with the market, technology, social media usage, agency marketing, and more; off-topic discussions are discouraged and are subject to removal. The information in this group is not intended to serve as legal, accounting, financial, insurance, investment advisory or other professional advice. Contact the page administrator for more information.

Join the PIA Peers Facebook group by clicking here.

Upcoming PIA Events
12/13/2017 -- Baton Rouge Chapter Meeting

12/19/2017 -- Acadiana Chapter Meeting

01/03/2018 -- New Orleans Chapter Meeting

01/16/2018 -- Acadiana Chapter Meeting

01/18/2018 -- YIPS Annual Conference

01/19/2018 -- YIPS Annual Conference

01/31/2018 -- CISR Personal Auto

02/06/2018 -- North Shore Chapter Meeting

02/06/2018 -- Commercial Property

02/07/2018 -- Baton Rouge Chapter Meeting

Virtual Exhibit Hall

Check out our
Virtual Exhibit Hall

Recent FEMA Bulletins

w-17062 Underwriting Requirements for Transferring Business and Verifying Grandfathering Status

Commissioner Donelon Urges Congress to Suspend
Health Insurance Tax Again

Insurance Commissioner Jim Donelon is urging members of Louisiana's Congressional delegation to support legislation pending in Congress that would again suspend the Health Insurance Tax (HIT) that was imposed by the Affordable Care Act, also known as Obamacare. The tax is a percentage of premium collected by health insurers and was suspended by Congress for the 2017 plan year.

"That tax is dollar-for-dollar paid by every policyholder of health insurance in this state," Donelon said. "The passage of this tax has caused a rise in health insurance premiums as all premium taxes are passed directly to policyholders."

The actuarial firm Oliver Wyman has estimated that Louisiana policyholders would pay higher premiums in the amount of $377 million due to the tax, which works out to approximately $500 in higher premiums for every family every year.

"It's not just commercial health insurance policyholders that get hit, either," Donelon said. "Medicare Advantage plans and even the state's Medicaid plans are taxed as well." It is currently estimated that Medicare Advantage premiums will rise approximately $576 per couple next year due to the HIT.

"With the passage of Obamacare, we have seen premiums rise dramatically every year. Our individual market will see premiums go up an average of 18.5 percent next year. If you get your health insurance through your employer, in the group-employer market, your premiums will go up an average of 7.5 percent next year," Donelon said. "This is on top of similar big ticket rate increases that we have seen for the four prior years. I'm urging members of Congress to slow those health insurance increases by suspending or, better yet, repealing the HIT," Donelon added. The HIT portion of those increases can be reduced during the upcoming plan year if Congress again suspends or repeals it.

Insurance Commissioner Jim Donelon does not have the authority to approve or disapprove health insurance rates, but his office receives informational filings. Several health insurers have indicated that if the HIT is suspended for 2018, they will file rate changes to lower rates during the year.

To read Commissioner Donelon's letter urging suspension of the Health Insurance Tax, please click here.

Once Again: Are You Aware of the
New Agents' License Renewal Process?

Act 154 of the 2017 Regular Legislative Session provides for revisions to the producer license renewal schedule. As a result of the passage of the legislation, licenses will be due for renewal based on each producer's license number, not by line of authority. The change will take effect January 1, 2018 and the Louisiana Department of Insurance will issue a bulletin outlining the changes. To view a PowerPoint presentation with more information and examples of how this will affect you, please click here.

Thanks to Our 2017 PIA Partners:

Capital Premium Financing

Excalibur National Insurance Company

LUBA Workers' Comp

Markel FirstComp

SageSure Insurance Managers, LLC

Stonetrust Commercial Ins. Co.