Life insurance representatives are expressing dismay at a Senate vote effectively sidetracking long-sought class-action reform legislation.
“We are very disappointed,” says Bill Anderson, senior vice president of law and government relations with the National Association of Insurance and Financial Advisors.
“We have been working on this for many, many years,” Anderson says. “I thought we were close to approval in the Senate.”
Jack Dolan, a spokesman for the American Council of Life Insurers, says reform advocates are making progress, but it is unfortunate that a super-majority will be needed in the Senate to enact common sense legislation.
The class-action bill, S. 1751, would not make dramatic changes in the the legal system, Dolan says, and moreover, it enjoys widespread support among voters.
Dolan says he is confident class-action reform will happen but wishes it would happen sooner rather than later.