Financial Services Modernization
PIA members support the states continuing as primary regulators of the business of insurance under a modernized system. Our existing system of insurance regulation is a national system that is state-based, which provides vital checks and balances to ensure financial stability, safety and soundness, and should therefore be preserved. PIA:
- Supports a modernized national system of state-based insurance regulation.
- Supports improving systemic risk regulation of banking, securities and capital markets.
- Opposes preemption by a federal insurance regulator, or federal preemption of state insurance oversight, whether optional or mandatory.
To learn more about PIA's position on Modern State Regulation of Insurance, read PIA's Insurance Regulation Issue Paper.(PDF file).
PIA supports current antitrust laws that prevent anti-competitive activities and provide for innovation and competition in the market.
The current system of state-based regulation of the business of insurance has consistently proven that it includes appropriate antitrust enforcement and ensures that anti-competitive activities remain illegal. Therefore, PIA:
- Supports continued enforcement of existing antitrust laws that prohibit anti-competitive activities including price-fixing and market allocation.
- Opposes any changes to or repeal of the McCarran-Ferguson Act.
- Opposes changes that would prevent innovation and competition in the market.
Professional Insurance Agents Insurance Foundation Publishes White Paper on the Future of Insurance Regulation
The Professional Insurance Agents Insurance Foundation has published a major white paper that addresses the current status of insurance regulation, its public purposes and benefits, and poses critical considerations and questions to be answered should current federal financial services reforms further engage in the business and oversight of insurance in U.S. markets.
The PIA Insurance Foundation engaged Mark Boozell, the former Director of the Illinois Department of Insurance (1995-1998) under Gov. Jim Edgar (R) to author the white paper entitled: Future of the Business Disciplines, Regulation and Oversight of the U.S. Insurance Marketplace.
In this section you'll find information about:
- Optional Federal Charter
- Producer oversight;
- Rate & form;
- Interstate Compact;
- Market conduct;
- Carrier licensing;
- Actions by the Office of the Comptroller of the Currency (OCC);
- Gramm Leach Bliley Act (GLBA);
- Other related topics
Please see the "Related Stories" to the right to keep current with this fast moving, fluid topic.
Be sure to visit the Producer Licensing section of PIANET.