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PIA Opposes Insurance Provision in Financial CHOICE Act

PIA has reaffirmed its opposition to a provision in the Financial Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs (CHOICE) Act that would create an Office of the Independent Insurance Advocate. A vote on the CHOICE Act is expected in the House on June 8.
June 7, 2017

PIA has reaffirmed its opposition to a provision in the Financial Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs (CHOICE) Act that would create an Office of the Independent Insurance Advocate. A vote on the CHOICE Act is expected in the House on June 8.

“The CHOICE Act is designed to roll back the regulatory overreach of the Dodd-Frank Act,” said PIA National Executive Vice President & CEO Mike Becker. “Unfortunately, it also contains a provision that would create a new, expansive and unnecessary federal insurance bureaucracy. The Independent Insurance Advocate could quickly become a federal insurance czar with no supervision, positioned to usurp our strong and effective system of state insurance regulation. It runs counter to the purpose of shrinking the federal footprint.”

READ: PIA Testimony to House Financial Services Committee on CHOICE Act

“If one were to draft a proposal to extend the reach of the federal government over the insurance industry, this provision of the CHOICE Act would fit the bill,” said PIA National Vice President of Government Relations Jon Gentile. “It’s disappointing and frankly inexplicable for the CHOICE Act, which removes power from Washington in so many ways, to be used to increase the federal role over insurance.”

A Contradiction Within The Choice Act

http://www.pianet.com/docs/2017/contradictionwithinthechoiceact053017/