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PIA Members Hold Federal Legislative Summit

Members of PIA from around the nation converged on Washington, D.C. on Thursday March 25 for the 2004 PIA Federal Legislative Summit. The day of...
April 1, 2004

Sen. Bunning, Rep. Kelly Provide Briefings

Members of PIA from around the nation converged on Washington, D.C. on Thursday March 25 for the 2004 PIA Federal Legislative Summit. The day of visits by PIA members to the offices of their elected representatives on Capitol Hill began with a breakfast meeting at the Capitol Hill Club. Two key Members of Congress briefed the PIA members. Representative Sue Kelly (R-New York), Vice Chairman of the powerful House Committee on Financial Services and Senator Jim Bunning (R-Kentucky), a member of the Senate Banking, Finance and Budget committees spoke.

Rep. Kelly elaborated on the proposal for comprehensive insurance regulatory reform outlined by House Financial Services Committee Chairman Michael G. Oxley (R-Ohio) on March 14 before the National Association of Insurance Commissioners (NAIC).

"There's no reason for us to have federal regulation," Kelly said. "We don't need something that comes down from on high and affects how every single one of you gets licensed in other states." Kelly said the focus of a congressional partnership will be to modernize state regulation. 

 "As we look toward legislation I want to be very clear: Congress is interested in reforming the current state based system for insurance regulation. Chairman Oxley has also made it very clear - the committee is not going to seek an optional federal charter for insurance at this time," Kelly said.

Sen. Jim Bunning chairs the Subcommittee on Economic Policy of the Senate Banking Committee. That subcommittee has jurisdiction over the National Flood Insurance Program (NFIP). "When I am done here I am going to chair a hearing on flood insurance," Bunning told PIA members. "As you know, the flood insurance program is long overdue for reform. Last year, the House passed a good reform package. We are working in a bipartisan manner on our own bill in the Senate, working off the House bill. It is my hope that we will pass a bipartisan bill very soon."

"The bill will bring reform to the system and help us get the repetitive loss properties taken care of." Bunning said. "We will make it much easier for property owners to get mitigation assistance. When we reauthorize this bill it will be for five years. We won't have to worry about the program expiring as you have for the last three years. Hopefully that will bring continuity and stability."

Five days after Sen. Bunning's remarks, the Senate Banking Committee favorably reported out the flood insurance reform bill he introduced (S. 2238). It included a five year reauthorization program through September 30, 2008, along with a host of reforms which PIA is addressing as the legislative process continues to unfold.  The panel approved the Bunning measure by voice vote without amendments. It now must be reconciled with a House-passed bill (H.R. 253).

Special thanks to our FLS sponsors:

The Main Street America Group
MetLife Auto & Home
PIA-CCEO (PIA Company Council of Executive Officers)
Travelers
The Vesta Insurance Companies

Senator Jim Bunning addresses the 2004 PIA Federal Legislative Summit.

Representative Sue Kelly addresses the 2004 PIA Federal Legislative Summit.