In a news analysis published by A.M. Best’s BestWire, the opposition to the Insurance Information Act of 2008 (H.R. 5840) by NCOIL and PIA is noted:

“The measure’s drafters have worked methodically to bring on board as supporters even the most ardent opponents of the proposed optional federal charter system, and have succeeded in earning plaudits from the likes of the Independent Insurance Agents & Brokers of America, the National Association of Mutual Insurance Companies and, most vexing to state legislators, even the National Association of Insurance Commissioners. Despite entreaties to NCOIL that have included a guaranteed seat on the commission that would advise the new office, the group has stood firm, finding the National Association of Professional Insurance Agents its only company in the opposition camp.”

What It Means to Agents:  There are times when compromise is appropriate, but this is not one of those times. This OII bill lays the groundwork for federal regulation of insurance. PIA supports state regulation of insurance and opposes federal regulation. That is why PIA remains resolute in opposition to H.R. 5840. PIA is proud to stand on principle shoulder-to-shoulder with the state insurance legislators of the National Conference of Insurance Legislators (NCOIL).

As Thomas Jefferson once said, “On matters of style, swim with the current, on matters of principle, stand like a rock.”

NCOIL Makes a Final Plea to Stop the OII in Its Tracks (BestWire 8/11/08)

August 12, 2008