WASHINGTON, D.C., May 21, 2015 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today praised the U.S. Senate Banking Committee for considering the “Financial Regulatory Improvement Act of 2015” and reporting it to the full Senate. Considered one of the largest financial services overhaul bills since Dodd-Frank, the Big “I” appreciates the inclusion of several important insurance consumer protections in the bill.
"The Big 'I’ is pleased that the bill includes language reaffirming Congress' support for state insurance regulation,” says Charles Symington, Big “I” senior vice president of external and government affairs. “The inclusion of this language further reinforces Congress’ commitment to the state-based system which has a strong record of protecting consumers.”
The insurance title of the legislation also includes language from the “Policyholder Protection Act of 2015” a bill supported by the Big “I” which ensures that insurance assets marked for the benefit of consumers cannot be raided for any other purposes other than protecting policyholders.
“The Big ‘I’ commends Banking Committee Chairman Richard Shelby (R-Alabama) and the committee for including the ‘Policyholder Protection Act’ in the package voted on today and for efforts to increase transparency in international insurance discussions by encouraging federal agencies to approach these negotiations with a unified voice,” continued Symington . “The insurance provisions in the ‘Financial Regulatory Improvement Act’ would further strengthen the consumer protections already in place at the state level. We hope to work with the full Senate on these important insurance issues.”
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.