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PIA Call to Defund FIO Study Draws Supportive Comments

The comment boards and Twitter tweets are going fast and furious following PIA's call to defund the FIO study of insurance regulation. Here is a...
January 25, 2011

The comment boards and Twitter tweets are going fast and furious following PIA's call to defund the FIO study of insurance regulation. Here is a sampling of comments on one board, at Insurance Journal:

"As an agent and citizen, I am categorically opposed to any intervention by the Federal Government into our business. We know how bad they are at their jobs in every other arena they stick their nose in. Our government is massive and intrusive and we need a reduction in bureaucrats, not an increase as this would certainly be. Our states should be left in charge to police insurance companies and agents."

"Over the last 15 - 20 years the NAIC has done a great job of bringing uniformity to regulation and efficiency to licensing, while still leaving the wiggle room needed to accommodate local concerns and issues. Ask yourself what a federal solution to the homeowners insurance crises in Louisiana, Mississippi, Texas, and Florida in the wake of the 2004-2005 hurricane seasons would look like. I dare say it would more closely resemble Florida's debacle than Louisiana's success."

"For those who think FIO should be allowed to aggrandize power for their own short-term gain, be careful what you wish for. Federal regulation will put you in the position of the male black widow spider - you'll have your brief time of ecstasy, and end up as lunch."

"Some of the advocates of federal regulation tout the uniformity of regulation as a bonus, but what if that uniformity is like the systems in Florida, California and Massachusetts?"

"This country does not want socialism, why do they keep trying to force all this on us?"

PIA National President Fred Thomas addresses the issue in a commentary for an upcoming issue of PIA Connection.  He says assigning a study of insurance regulation to the FIO "creates an ideological conflict-of-interest. In other words, federal employees in the FIO are being charged with the responsibility of recommending to Congress whether the FIO itself should have an expanded mandate and a bigger budget. What do you think their 'findings' will be?"