A new congressional proposal that would create a direct federal role in insurance regulation is being opposed by the Independent Insurance Agents of America (IIAA), according to CEO Robert A. Rusbuldt. House Financial Services Committee Ranking Democrat John LaFalce (N.Y.) introduced the measure, the Insurance Industry Modernization Act, which would, according to the IIAA, subject insurance companies to Community Reinvestment Act requirements, enact a repeal of the insurance industry’s McCarran-Ferguson Act limited anti-trust immunity, and institute anti-redlining provisions for life and property/casualty insurance. The measure creates limited federal regulatory and enforcement authority over state-licensed agents and brokers who offer consumers policies underwritten by a federally regulated insurance company. IIAA, believes the LaFalce bill goes too far in attempting to correct the shortcomings of the current state-based regulatory system.
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