Some of the insurance-related issues to be dealt with in 2017 and beyond include the following:

Flood insurance

For those who enjoy observing continuous congressional deliberation, flood insurance is the issue that keeps on giving.

In 2017, the National Flood Insurance Program (NFIP) comes up for renewal, while other flood bills will also be debated. Since 2017 marks the start of a new Congress, all previously introduced bills will expire. If H.R. 2901 or Senate companion bill S. 1679 are not enacted during the current session of the 114th Congress, chances are good they will be back next year as part of the NFIP reauthorization process.

While the National Association of Professional Insurance Agents (PIA) opposes the immediate privatization of the NFIP and supports the long-term reauthorization of the NFIP when it comes up for renewal in 2017, it also supports sensible solutions for encouraging the growth of the private flood insurance market.

Related: What will flood insurance look like after 2017?

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Protecting state insurance regulation

On June 16, 2016, the House Financial Services Committee passed the Transparent Insurance Standards Act of 2016 (H.R. 5143) by a vote of 34–25. The bill enhances congressional oversight of international deliberations relating to insurance standards by requiring the U.S. Treasury Department and Federal Reserve to consult with Congress and state insurance regulators before approving any international insurance standards.

It would give Congress 90 days to approve or reject any proposed international insurance agreement, require its publication in the Federal Register and mandate a 30-day public comment period.

Related: Negotiations with EU insurance regulators are a test for 'Team USA'

This bill is an effort to prevent the Treasury Department from entering into any international insurance agreement that would undercut the United States' state-based system of insurance regulation. The legislation also prohibits the U.S. from entering into an international covered agreement that would grant the Federal Insurance Office or the Treasury Department authority to supervise or regulate the business of insurance.

Reaffirm regulation principle

"The role of the FIO in its enabling legislation is unambiguous in that it is specifically prohibited from acting in any manner as a regulator or supervisor of the business of insurance," said PIA National Vice President of Government Relations Jon Gentile. "It is gratifying to see Congress reaffirm this principle."

For more than 150 years, the state-based system of insurance regulation has successfully protected consumers and created a competitive and diverse U.S. insurance market.

If global standards are promulgated without appropriate consideration of the unique state-based system of U.S. insurance regulation, they may actually increase systemic risks and consumer costs by pushing small and midsize companies out of business, reducing competition.

Conventional wisdom would say that H.R. 5143 would stand a better chance now than were Democrats to win control of the Senate starting next year. However, support for state insurance regulation can sometimes cross party lines.

Related: Trump most favorable to insurance industry, according to A.M. Best survey

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Fiduciary rules

President Barack Obama has vetoed legislation that would have blocked the enforcement of final U.S. Department of Labor (DOL) retirement plan 'President Obama's veto will allow implementation of the final DOL rule. Under the rules, which were finalized earlier this year, retirement plan advisers and some other types of financial advisers could suffer civil penalties if they fail to consider customers' best interests. A House attempt to override the president's veto failed on June 22.

Efforts to repeal the DOL rule would fare worse if Democrats increase their ranks in Congress, and fail if they win the White House.

Related: Will proposed fiduciary rule make insurance agents vulnerable to lawsuits?

DOL overtime rule

A new Department of Labor (DOL) rule relating to overtime will have negative consequences for employers. The rule is set to take effect December 1, 2016. It raises the salary threshold below which most salaried workers are entitled overtime to $913 per week, or $47,476 annually for full-time workers. The previous threshold was at $455 per week, or $23,660 annually.

The new level — an enormous 113 percent increase — will be revisited every three years, and will be maintained at the 40th percentile of full-time salaried workers. The Protecting Workplace Advancement and Opportunity Act (S. 2707 and H.R. 4773) was introduced to nullify this rule and require DOL to perform an economic analysis of how changes to overtime regulations will impact nonprofits, small businesses, and employers in other vulnerable industry sectors before issuing a new rule. The bill would also prohibit any future proposal from including an automatic update mechanism.

A compromise proposal, H.R. 5813, has been introduced by Rep. Rep. Kurt Schrader (D-OR). It would incrementally phase in the new salary threshold over the next three years and also eliminate the provision for automatic updates to the salary threshold.

Healthcare

Both political parties are at odds on healthcare. Republicans vow to repeal the Affordable Care Act (ACA). Democrats support it, with some wanting to expand it. This — like the election — could go either way, with opposite effects.

Despite the current election year uncertainty, prospects for legislation that would have a positive effect on insurance issues continue to be good, although the outcome of the election will play a role in the timing.

Related: What grade does your state get for its insurance regulations?

Ted Besesparis is senior vice president of the National Association of Professional Insurance Agents, Alexandria, Va.