WASHINGTON, D.C., March 29, 2008—The following is a statement by Robert Rusbuldt, President & CEO of the Independent Insurance Agents & Brokers of America (the Big "I") on the Treasury Department's Blueprint for Regulatory Reform of the Financial Services Industry:
"While there may be some merit in the role envisioned for the Fed to identify and facilitate corrections of systemic problems in the financial services industry, the OFC section of the blueprint is clearly swimming upstream. It’s hard to see Congress supporting a proposal that calls for massive deregulation of the industry and a huge new federal bureaucracy. The Treasury Department has not recognized the fact that the current insurance regulatory system has functioned effectively to protect consumers and the safety and soundness of the industry. While the Treasury’s recommendation does not come as a surprise since they would become the new federal insurance regulator, proposing a massive overhaul of insurance regulation when the insurance market is one of the few stable sectors in the financial services industry seems odd to many. Clearly, we need more uniformity and efficiency in our regulatory system, but there are better ways to achieve this reform with less risk for the market."
---Bob Rusbuldt, President & CEO, Independent Insurance Agents & Brokers of America
Founded in 1896, IIABA (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, and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.