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10/31/07 Kanjorski Leads Hearings to Explore the Need for Insurance Regulatory Reform |
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FOR IMMEDIATE RELEASE
Oct. 31, 2007
Contact: Abigail McDonough
202-225-6511
KANJORSKI LEADS HEARINGS TO EXPLORE THE NEED FOR INSURANCE REGULATORY REFORM
WASHINGTON - Congressman Paul E. Kanjorski (PA-11), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, yesterday held the Subcommittee's second in a series of hearings on insurance regulatory reform. The hearing continued a review of the need to improve insurance regulation.
"Our initial hearing reiterated my belief that insurance regulation remains a complex issue in need of reform. The second hearing echoed this notion, and it added to our knowledge base on insurance to help inform the Subcommittee before we make any policy decisions in this area," stated Chairman Kanjorski. "Taking into consideration the views of all parties involved in and affected by insurance constitutes an important step before taking any action. This series of hearings will help the Subcommittee initiate the most beneficial and practical policy decisions for consumers of insurance products."
The current insurance structure operates through a state-based system where each state has different regulations. The state legislators, consumers and industry representatives who testified at today's hearing discussed their varying opinions on what type of reform is needed to create a more effective insurance regulatory structure.
"Lawmakers have the responsibility to decide the best course to take on these issues as they greatly affect all consumers, from individuals to large businesses," said the Chairman. "We use the same insurance system that we did a century ago. We are overdue in addressing possible reforms to update the insurance system into the twenty-first century."
Individuals who testified during the hearing included:
- The Honorable Craig Eiland, Texas House of Representatives, testifying on behalf of the National Conference of Insurance Legislators
- Mr. Alessandro Iuppa, Senior Vice President, Government & Industry Affairs, Zurich, testifying on behalf of the Financial Services Roundtable
- Mr. J. Robert Hunter, Director of Insurance, Consumer Federation of America
- Mr. Frank Nutter, President, Reinsurance Association of America
- Mr. Scott Gilliam, Assistant Vice President & Government Relations Officer, The Cincinnati Insurance Companies
- Mr. John W. Felton, President, Tennessee Brokerage Agency, testifying on behalf of the National Association of Independent Life Brokerage Agencies
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