A wholesale brokerage group will be speaking for the life insurance industry in a new round of discussions about the future of the current state-run U.S. insurance regulatory system.
Leaders of the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee have chosen John Felton IV, chairman of the National Association of Independent Life Brokerage Agencies, Fairfax, Va., to testify 2 p.m. Tuesday at an insurance regulatory reform hearing.
The list of witnesses also includes property-casualty insurance industry representatives: J. Robert Hunter, insurance director for the Consumer Federation of America, Washington; and state Rep. Craig Eiland, D-Galveston, Texas, who will speak for the National Conference of Insurance Legislators, Troy, N.Y.
The hearing is the second in a series of hearings that Rep. Paul Kanjorski, D-Pa., chairman of the subcommittee, and Rep. Deborah Pryce, R-Ohio, the most senior Republican on the subcommittee, have scheduled to study insurance regulation.
The subcommittee held the first hearing Oct. 3.
State regulators have been defending the state-run system, but many insurers and industry trade groups say insurers and agents should have the option of choosing to be regulated by a new federal agency.
“Our initial hearing reiterated my belief that insurance regulation remains a complex issue in need of reform,” Kanjorski says in a statement.
Pryce also is emphasizing the need for change.
“We cannot allow our regulatory structure to continue to disadvantage consumers and hinder innovation,” Pryce says.
NAILBA says in a description of its position that it “supports federal regulation of insurance that would put the insurance industry on equal standing with other financial services industries and recognizes that this legislation is the starting point in the long process of insurance reform.”