Agents Prepare for Legislative Summit in Washington

February 13, 2007

Members of the National Association of Professional Insurance Agents will convene on Capitol Hill in Washington, D.C. on March 28 and 29, 2007 for their 25th annual Federal Legislative Summit.

The 2007 PIA Federal Legislative Summit is a gathering of PIA members from around the nation who spend two days meeting with their elected representatives to advance the views and legislative positions of professional independent insurance agents.

“The makeup of Congress has changed but PIA’s positions on key insurance issues remain the same,” said PIA National President Donna L. Pile.

Pile said PIA is “adamantly opposed” to all proposals for optional federal charters for insurance. PIA supports a permanent solution to insuring for terrorism risks that extends and builds upon the Terrorism Risk Insurance Act (TRIA). The groups also backs “positive solutions to insuring for natural catastrophes and flooding disasters.”

The upcoming summit will include briefings by members of Congress.

Veteran journalist Morton M. Kondracke will deliver the keynote address.

Much of the focus in this year’s legislative visits is expected to be on proposals for a federal takeover of insurance regulation. Already, bills have been introduced calling for optional federal charters for insurers and alteration of the insurance industry’s limited antitrust exemption under the McCarran-Ferguson Act, proposals PIA opposes.

“We are now in the second year of a strategic campaign being run by big banks and large securities firms in which they are attempting to convince members of Congress that our state-based system of insurance regulation is broken,” said PIA Executive Vice President and CEO Len Brevik. “There’s just one problem – it’s not broken.”

“The big banks and large securities firms are seeking to transfer insurance regulation from the states to the federal government for their own economic benefit,” Brevik said. “The Main Street agents of PIA believe that state insurance regulation has worked well and continues to effectively serve the needs of insurance consumers and local communities, as it has for more than 200 years. PIA agents will be telling their members of Congress that they oppose an optional federal charter and support modernization of the state system at the state level.”

Source: PIA National

Topics Agencies Legislation Washington

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