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Opponents of Federal Insurance Regulation Speak Out

Fearing that the Administration’s proposed legislation to establish a Consumer Financial Protection Agency would seek to oversee insurance, the usual opponents of any federal insurance regulation told a House Committee recently that the states already provide adequate protection for insurance consumers.

Testifying before the House Financial Services Committee, the Property Casualty Insurers Association of America (PCI) and the National Association of Insurance Commissioners (NAIC) turned thumbs down on any insurance involvement by the proposed new agency. David Sampson, President of PCI, said, “New federal protections administered by any new agency would create a duplicative, inefficient system that would add even more costs for consumers with little or no benefit.” Maryland Insurance Commissioner Ralph Tyler represented NAIC. “In our view,” he declared, “insurance solvency regulation and consumer protection are inextricably linked. State insurance regulators have long been responsible for not only the safety and soundness of an insurer, but also how the insurer treats its customers and what protections are in place around its often complex products.”