The US Senate is expected to pass legislation that would exempt insurance agents from new federal reporting requirements. The US House passed the National Defense Authorization Act last week.
There was concern this act would create a burdensome new federal reporting requirement for many small businesses, including independent agencies.
The National Big 'I' was able to secure a full exemption of this requirement by showing insurance producers already provide this beneficial ownership information to state regulators; the additional burden of providing it to the federal government would be duplicative and unnecessary.
While the Senate will likely pass the bill, President Trump indicated he may veto the legislative over issues unrelated to the beneficial ownership provision.
Read more about this ongoing issue.