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Insurers Urge Senate Committee To Separate Insurance From CFPA

Letter was sent to the chairmen and ranking members of both the Senate Committee on Banking, Housing, and Urban Affairs, and the House Committee on Financial Services

An alliance of trade associations, on behalf of insurance industry, has sent a letter to lawmakers requesting them to keep out all lines of insurance from the Consumer Financial Protection Agency (CFPA) – reported in Insurance Networking News.

The letter was sent to the chairmen and ranking members of both the Senate Committee on Banking, Housing, and Urban Affairs, and the House Committee on Financial Services.

The letter also highlights that consumers are best protected when they know their rights and the businesses that serve them know their responsibilities. Regulation should not be overlapping and duplicative because it wastes consumers’ premium dollars that could lower costs for consumers.

The letter signatories include both advocates of a larger federal role in insurance, such as the American Council of Life Insurers, American Insurance Association and the Council of Insurance Agents & Brokers. It also includes outspoken opponents of a federal charter for insurers such as the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America.