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New Group Formed to Fight Against Federal Insurance Regulation

With Congress set to debate optional federal charters for insurers in 2011, a new group has been formed to oppose any type of federal regulation...
August 18, 2010

With Congress set to debate optional federal charters for insurers in 2011, a new group has been formed to oppose any type of federal regulation of insurance whatsoever. The States Alliance for Balanced Insurance Regulation (SABIR) is chaired by Ernst Csiszar, a former president of the National Association of Insurance Commissioners and former head of the Property Casualty Insurers Association of America (PCI).

SABIR will represent small-to-midsize insurers in a new group designed to fend off increased federal regulation of the industry. Csiszar said that "SABIR's founding membership spans the industry, representing providers as well as purchasers of insurance products, including health care." Formation of the group was announced shortly after House Financial Services Committee Chairman Barney Frank (D-Mass.) said that an optional federal charter will definitely be on the 2011 congressional agenda because it has strong bipartisan support.

PIA is steadfast in opposition to optional federal charters and to federal encroachment into insurance regulation, a responsibility of the states. In an article in this week's National Underwriter, PIA's stance is noted: "[PIA] is asking members to lobby their representatives in Congress during this month's congressional recess to be steadfastly opposed to federal regulation of insurance in any form." [See next item for more on PIA's actions.]

"PIA members will remind members of Congress and congressional candidates during August that America's Main Street insurance agents expect them to vote 'no' on the so-called optional federal charter - no excuses and no compromises," PIA President Jon D. Spalding said in a statement.

OFC Debate Put Back On Front Burner In Congress (National Underwriter 8/16/10) (PIA quotes)

Rep. Frank Says OFC Will Be On Congress' 2011 Agenda (National Underwriter 8/6/10) (PIA quotes)