A new congressional proposal that would create a direct federal role in insurance regulation is being opposed by the Independent Insurance Agents of America (IIAA), according to CEO Robert A. Rusbuldt. House Financial Services Committee Ranking Democrat John LaFalce (N.Y.) introduced the measure, the Insurance Industry Modernization Act, which would, according to the IIAA, subject insurance companies to Community Reinvestment Act requirements, enact a repeal of the insurance industry’s McCarran-Ferguson Act limited anti-trust immunity, and institute anti-redlining provisions for life and property/casualty insurance. The measure creates limited federal regulatory and enforcement authority over state-licensed agents and brokers who offer consumers policies underwritten by a federally regulated insurance company. IIAA, believes the LaFalce bill goes too far in attempting to correct the shortcomings of the current state-based regulatory system.
Was this article valuable?
Here are more articles you may enjoy.
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
Viewpoint: Why Brokers Have Little to Fear and Everything to Gain From AI 
Business Interruption Claims Arising From the Middle East Conflict From This Issue
