The House Financial Services Committee has adopted an amendment ensuring that all lines of property/casualty insurance would be exempted from the jurisdiction of the new proposed federal Consumer Financial Protection Agency.
Proposed by Rep. Gwen Moore, D-Wisc., and Erik Paulsen, R-Minn., the amendment clarifies the definition of the business of insurance in the legislation, effectively removing all lines of property/casualty insurance – including mortgage, title and credit insurance that were included under the original language of the bill.
The change is in keeping with the stated goals of the committee to exempt property/casualty insurance from the Consumer Financial Protection Agency Act, H.R. 3126. The amendment was approved unanimously by a voice vote
The amendment was sought by industry groups, including the National Association of Mutual Insurance Companies.
“NAMIC commends Reps. Moore and Paulsen for their work to prevent an unnecessarily duplicative and costly regulatory scheme that would ultimately hurt the very consumers the legislation is meant to protect,” said Jimi Grande, senior vice president of federal and political affairs for NAMIC.
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