The 2020 elections have largely come and gone. While exhausting, one thing is certain: our involvement in the political process is critically important to the future of our industry and our profession. InsurPac, your federal political action committee (PAC) exists for that very purpose. It solicits voluntary contributions and then disburses those funds to U.S. Congressmen, Senators and candidates for federal office who are supportive of our livelihood. This election cycle InsurPac disbursed $1,948,000 and won 93% of the races that it supported.
InsurPac has your back. This past year the Big “I" has weighed in and won on some important issues, including:
- Earlier this year some legislators were taking direct aim at our industry over the issue of business interruption (BI) insurance. They argued that congress should retroactively void exclusions in contracts and force insurers to pay claims for something that was never priced and for which a premium was never collected. According to industry estimates, a haphazard response such as this would have cost between $255-$431 billion in claims per month. This was not just a “company" issue. Our commissions, contingency compensation, and even the fate of our profession were in play. The Big “I" successfully pushed back on these legislative proposals and took wind out of their sails.
- The Big “I" has successfully advocated for legislation, including the Paycheck Protection Program (PPP), to support our agent members and their clients cope with the COVID-19 pandemic and will continue to do so as the pandemic progresses.
- The Big “I" was successful in securing a year-long extension of the National Flood Insurance Program (NFIP).
- Working with industry partners, the Big “I" has put forward a plan for how Congress could structure a program to deal with future pandemics.
- Earlier this year legislation passed the House that would require nearly every small business with fewer than 20 employees to file new reports on their “beneficial ownership" with the Treasury Department's Financial Crimes Enforcement Network (FinCEN). The penalties for failure to comply are quite severe with civil penalties of up to $10,000 and criminal penalties of up to three years in prison. The Big “I" successfully secured an exemption for insurance agents in the House passed legislation and is working to get the exemption in the Senate legislation. The Big “I" has been the only producer group to advocate on behalf of agents and brokers.
As a federal political action committee, support for InsurPac must be above and beyond what your association dues are used for. Please consider making a contribution of $100, $250 or more today by clicking here or sending a check (must be personal, LLC or Partnership) made payable to “InsurPac" to 20 F Street, NW #610, Washington, DC 20001.