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PIA Advises The Brookings Institute

One of the nation's most influential public policy "think tanks" is formalizing its involvement in insurance related issues and has asked PIA to participate. The...
January 21, 2004

One of the nation's most influential public policy "think tanks" is formalizing its involvement in insurance related issues and has asked PIA to participate. The Brookings Institute is planning to be active, for the first time, in providing a formal academic-insurance sector vetting process for discussion and exchanges among draft proposals, their professors, other noted academics in the insurance and related fields and select insurance sector representatives.

PIA was pleased to have been asked to participate in this important process during a planning conference on January 8-9 hosted by the Brookings Institute. The process will provide an ongoing opportunity for studies to consider and validate the premises of scholars as they relate to insurance regulation. This will hopefully lead to a more accurate and comprehensive view of insurance law, economics and practices that will be incorporated into legislative proposals and regulatory actions.

Over the past several years, the General Accounting Office (GAO) of the federal government has greatly increased (and also improved) its research activities in insurance-related issues. GAO reports are used as the basis of both Congressional and Administration decision-making. This substantial increase in GAO research alone was enough to pique academia's interest in competing for a share of research dollars.

The best note from our renewed involvement with Brookings was to see how much of the research work PIA contributed to insurance issues in the 1970's and 1980's is still considered by insurance and general academics to be hallmark studies and how the conclusions reached then are still proving valid today, after all the years.

What It Means to Agents: Because individual members of Congress rely on academic research to craft legislation, this kind of involvement in policy research provides PIA the opportunity to shape and influence the raw material from which legislation is crafted.

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