Association appreciates improvements to insurance information office but calls for additional revisions.
WASHINGTON, D.C., June 16, 2010 — Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today issued the following statement regarding developments in the conference committee negotiations of the financial services regulatory reform bill.
The following statement is from Charles Symington, Big “I” senior vice president of government affairs:
“The Big ‘I’ would like to thank Chairmen Barney Frank (D-Mass.) and Chris Dodd (D-Conn.), Ranking Members Spencer Bachus (R-Ala.) and Richard Shelby (R-Ala.), and the other members of the conference committee for recognizing that state insurance regulation has operated effectively during the financial crisis to protect consumers and for agreeing to make some important improvements to the language creating a federal insurance information office. However, two essential changes remain: properly defining international insurance agreements by using the House ‘covered agreements’ language and providing for de novo review of preemption decisions by the new Federal Insurance Office. Making these additional changes will go a long way to ensure that the goals of the office are met while limiting inappropriate preemption of state insurance laws. We urge the conferees to support the House language on these matters.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.