Big “I” Disputes OFCC Group Inaccuracies on Optional Federal Regulation of Insurance

June 22, 2005

The Independent Insurance Agents & Brokers of America issued the following statement from CEO Robert A. Rusbuldt in response to an inaccurate characterization from the OFCC regarding the association’s position on Optional Federal Regulation of Insurance:

“The Independent Insurance Agents & Brokers of America strongly denies any inaccuracies in our characterization of optional federal regulation or the Oxley/Baker SMART proposal. In fact, we agree with the OFCC statement that “Indeed, insurance regulatory reform must be driven by the needs of our customers and by the demands of operational efficiency.” However, we disagree with the OFCC on the means to obtain this goal. We believe that targeted federal reform of the state system, proposed and supported by Chairman Oxley and Chairman Baker in the SMART Act proposal, makes much more sense for insurance consumers and for bringing about immediate efficiency in our regulatory system.

“Although we agree on the goals, because we disagree on the means to obtain those goals, it appears that the OFCC has made a false allegation that we are inaccurate. This is not about the number of supporters vs. opponents since agents and regional companies overwhelmingly oppose federal regulation of insurance. However, independent agents strongly support reform of the current system.”

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