Friday, June 20, 2014

TRIA takes step forward to advance in the U.S. House of Representatives along with NARAB II

Today the House Financial Services Committee voted to advance H.R. 4871 the TRIA Reauthorization Reform Act of 2014 for consideration by the full membership of the U.S House of Representatives. NAPSLO previously reported on the proposed legislation here and here. NAPSLO is especially pleased and applauds Chairman Randy Neugebauer for successfully offering an amendment that will include the National Association of Registered Agents and Brokers (NARAB II) as part of this legislation.  NAPSLO strongly supports NARAB II.

The next step for the TRIA legislation is consideration and final vote in both chambers. NAPSLO is hopeful TRIA will be reauthorized in the coming months and that NARAB II will continue to be attached. NAPSLO will continue to provide updates as this legislation progresses. 

Wednesday, June 18, 2014

House Introduces TRIA Reauthorization, Schedules Markup of Legislation

 The National Association of Professional Surplus Lines Offices (NAPSLO) commends the continued progress from Congress on the reauthorization of the Terrorism Risk Insurance Act. Earlier this month, the Senate Banking Committee approved its reauthorization proposal. In recent days, the House Financial Service Committee released legislation which would extend the program for five additional years while making a series of reform to the program. NAPSLO appreciates the Committee's outreach and collaboration with industry as this process has progressed, and also appreciates the Subcommittee’s work on reforms contained in the NARAB II legislation.  NAPSLO continues to support the attachment of NARAB II to the final TRIA reauthorization legislation.

As the process moves forward, NAPSLO continues to urge swift action on the part of Congress to reauthorize TRIA before the program expires at the end of 2014.  A markup has been scheduled for Thursday, June 19 and NAPSLO looks forward to continuing to work with Congress to address this program’s reauthorization. 

Tuesday, June 17, 2014

The Council of Insurance Agents & Brokers (The Council) invites NAPSLO members to participate in free FATCA webinar

FATCA will become effective on July 1, 2014 and with it comes new compliance requirements for NAPSLO members. You can view recent updates from NAPSLO regarding FATCA here. The Council has developed a portal to assist brokers and insurers in confirming FATCA status of a non-U.S. entity.

On June 26th at 11:00 a.m. EDT, they will hold a free webinar to demonstrate the new portal and all NAPSLO members are invited to participate. NAPSLO encourages its members to participate in the webinar and learn how to use the portal. Access is free through December 31, 2014. For more information and to register, visit The Council here.