WASHINGTON, D.C., June 23, 2010 — Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today issued the following statement regarding developments in the Senate and House reconciling of S. 3217, the “Restoring American Financial Stability Act,” and H.R. 4173, the “Wall Street Reform and Consumer Protection Act of 2009,” their respective financial services regulatory reform bills through the conference committee process.
The following statement is from Charles Symington, Big “I” senior vice president of government affairs:
“The Big ‘I’ would like to commend 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 agreeing to make two additional changes to Title V of the ‘Restoring American Financial Stability Act’ which would establish an insurance information office at the federal level with no regulatory authority. By properly defining those international insurance agreements covered by the act and providing for de novo review of preemption decisions by the new Federal Insurance Office, the conferees have gone a long way to guard against the inappropriate preemption of state insurance laws that have served to protect insurance consumers during the recent financial crisis. The conference committee has made great strides in improving Title V so that it recognizes the importance and effectiveness of state insurance regulation and we thank them for their hard work.”
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.