WASHINGTON, D.C., March 16, 2010 — The Independent Insurance Agents & Brokers of America (the Big “I”) today released the following statement from Charles Symington, Big “I” senior vice president of government affairs, regarding Sen. Christopher Dodd’s (D-Conn.) proposed overhaul of the U.S. financial regulatory system:
“The Big ‘I’ applauds Chairman Chris Dodd for his efforts to put forth legislation in an attempt to improve financial regulation and we appreciate his recognition that day-to-day insurance regulation should remain in the hands of the states. However, it is important to note that the property/casualty market poses virtually no systemic risk and we hope that the final version of this legislation will take this into account.
“Additionally, while we understand the desire for an insurance information office at the federal level, we are concerned that the bill’s current language could inadvertently subject insurance agents to mandatory data requests from the federal government. We look forward to working with Chairman Dodd and other members of the committee to modify this language to ensure that it does not harm small businesses.”
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.
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