The National Association of Professional Insurance Agents (PIA) has sent a letter to Jeb Hensarling, Chairman of the House Financial Services Committee, expressing concerns about the creation of a new federal office called the Office of the Independent Insurance Advocate within the Treasury Department.
Ironically, the new federal office with greatly expanded powers would be created by a provision included in the Financial Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs (CHOICE) Act — legislation intended to reduce, not increase, federal encroachment resulting from the Dodd-Frank Act.
Related: PIA calls for repeal of Federal Insurance Office
|'Unnecessary federal insurance bureaucracy'
"This provision of the Financial Choice Act runs completely counter to the intent of Dodd-Frank reform by creating a new, expansive and unnecessary federal insurance bureaucracy with the potential to grow," said PIA National Executive Vice President & CEO Mike Becker. "The Independent Insurance Advocate could lead to a federal insurance czar with no supervision, who would be positioned to usurp our strong and effective system of state insurance regulation."
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
