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Senate Passes Federal Funding Package with 3 PIA Priorities

Terrorism, Flood Insurance Programs Extended; Healthcare Cadillac Tax Repealed


WASHINGTON, Dec. 19, 2019 /PRNewswire/ -- The U.S. Senate has followed the House in passing a federal government funding package (H.R. 1865) that includes three of the top policy priorities of the National Association of Professional Insurance Agents (PIA National).

The measure includes an extension of the National Flood Insurance Program (NFIP) until September 30, 2020; the permanent repeal of the healthcare Cadillac Tax; and an extension of the terrorism risk insurance program (referred to as TRIA) through the end of 2027. The vote in the Senate was 71-23. The House passed the legislation earlier this week by a vote of 297-120.

"This is a triple win for independent insurance agents," said Jon Gentile, vice president of government relations for PIA National. "We advocated strongly for the inclusion of these vital measures in this funding package. The three provisions extend programs for flood insurance and terrorism insurance, and repeal a 40 percent healthcare excise tax."

"This bipartisan action by Congress ensures the National Flood Insurance Program (NFIP) will not lapse. A nine-month extension also gives Congress time to work towards a long-term reauthorization of the NFIP," added Gentile. "In addition, by repealing the Cadillac Tax, Congress has removed a disastrous threat to the employer-sponsored health market from a devastating tax that would jeopardize the healthcare of over 150 million Americans." 

"By including the reauthorization of the terrorism risk insurance program, Congress has promoted market stability and protection from economic chaos in the unfortunate event of a terrorist attack."

PIA National thanked Congressional leadership for hearing the voices of independent insurance agents throughout this process, and urged President Trump to sign H.R. 1865 without delay.

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA's web address is www.pianet.com.

This press release is online at:
https://pianet.com/news/press-releases/2019/senate-passes-federal-funding-package-with-3-pia-priorities 

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SOURCE National Association of Professional Insurance Agents