WSIA closely monitors the work of federal legislators and regulators for issues that impact the surplus lines insurance industry. WSIA provides comments on legislation or regulations when appropriate and in the best interest of the WSIA membership.
Federal Definition of Private Flood Insurance
Since 2014, WSIA has strongly supported legislation that will revise the federal definition of private flood insurance. Revisions are necessary to amend the current definition to ensure eligible surplus lines and other private insurers private market solutions and alternatives are available to consumers in need of unique and complex flood risks and that the policies are accepted by lenders. Learn more here.
Foreign Account Tax Compliance Act (FATCA)
Surplus lines brokers and insurers’ compliance obligations related to the Foreign Account Tax Compliance Act (FATCA) took effect July 2014, and since then the P&C industry, including WSIA, asked for relief from reporting due to its unnecessary and burdensome application the industry. Effective December 13, 2018 the IRS and Department of Treasury announced new regulations reducing unnecessary regulatory reporting burdens associated with FATCA compliance. Learn more here.
National Association of Registered Agents and Brokers (NARAB II)
The National Association of Registered Agents and Brokers (NARAB II) was enacted as part of the Terrorism Risk Insurance Program Reauthorization Act of 2015,to streamline nonresident agent and broker licensing for those operating on a multi-state basis. Once established, NARAB will be a nonprofit board governed by a panel of state insurance regulators and industry representatives that will create rigorous standards and ethical requirements in line with the goal of applying licensing, continuing education and nonresident insurance producer standards on a multi-state basis. WSIA strongly supported NARAB and has been working to see that it becomes operational. At this time, no Board has been appointed and therefor NARAB has not been implemented. Learn more here.
Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIA)
The Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) was enacted on January 12, 2015, reauthorizing the program for an additional five years. Unless reauthorized, the program is set to expire on December 31, 2020. WSIA supports a long-term reauthorization to provide certain to the market and, under current discussions, no upward changes to program factors for participating industry members. Learn more here.