WASHINGTON – The National Association of Professional Insurance Agents (PIA) applauds the U.S. House for passing H.R. 1865, part of the federal government funding package that includes three of PIA National’s most important policy priorities: an extension of the National Flood Insurance Program (NFIP) until September 30, 2020; the permanent repeal of the Cadillac Tax; and an extension of the terrorism risk insurance program (referred to as TRIA) through the end of 2027. The House vote was 297-120. PIA urges the Senate to pass this important bill as soon as possible and for the president to sign it into law.
[Quotes below can be attributed to Jon Gentile, Vice President of Government Relations with the National Association of Professional Insurance Agents:
Seven-Year TRIA Extension
“The funding package includes a seven-year reauthorization of the Terrorism Risk Insurance Act (TRIA) program without substantive changes. PIA has been actively advocating for the long-term reauthorization of the TRIA program throughout 2019, and we’re pleased this has been accomplished more than a year before its scheduled expiration of December 31, 2020. TRIA is essential for ensuring terrorism does not risk destroying our economy should an attack occur.”
Nine-Month NFIP Extension
“PIA has worked tirelessly to ensure the National Flood Insurance Program does not lapse as its expiration date of December 20 looms. To that end, PIA is happy our efforts paid off, and the program will be extended for more than nine months, to September 30, 2020, as part of the federal funding package. The NFIP is currently on its 14th short-term extension since its last long-term authorization expired in 2017.
“The House Financial Services Committee unanimously passed a PIA-supported long-term reauthorization of the program with necessary reforms in June 2019. However, progress has stalled since. While it’s disappointing that the program will again be extended on only a short-term basis, the nine-month extension will provide us with more time to work with Congress to ensure the ultimate passage of a robust long-term reauthorization. PIA strongly supports the House Financial Services Committee-passed legislation and will continue to advocate for its passage in the House and Senate.”
Cadillac Tax Repeal
“PIA National notched a major victory in the funding package on a health care issue on which we’ve been lobbying for years: the repeal of the ‘Cadillac tax,’ a 40 percent excise tax on certain employer health plans. Enacted as a part of the Affordable Care Act, the Cadillac Tax has never been implemented, due in large part to advocacy by PIA members who have led multiple successful efforts to delay it, most recently until 2022. The tax would apply to employer health plans and tax policies with limits that exceed the annual thresholds of $11,100 for individual coverage and $29,750 for family coverage. Over time, more and more employer-sponsored health plans will be affected, because the benefit thresholds will increase at a rate slower than that of inflation.
“The repeal of the Cadillac tax has long been a priority for PIA National, and we championed the legislation that passed the House this summer to repeal the tax. Its inclusion in the funding package is a major victory for PIA National and for employer-sponsored health plans.”
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.