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Patriot Act Threat Remains

Patriot Act Threat Remains The property-casualty insurance industry is breathing a sigh of relief now that the U.S. Treasury Department has left p-c insurers and ...

By staff Writer | Updated on September 30, 2002

Patriot Act Threat Remains

The property-casualty insurance industry is breathing a sigh of relief now that the U.S. Treasury Department has left p-c insurers and producers out of proposed rules to combat money laundering. The last thing the financially-challenged p-c industry needs right now is a new set of government regulations to follow, complicating their operational efficiency and driving up costs–particularly if such regulations would be misplaced.

For now, at least, the proposed rules apply only to life insurers and “any other insurance company that offers products with investment features or features of stored value and transferability.”

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