The National Association of Insurance and Financial Advisors has concerns about the idea of putting a Federal Trade Commission representative on a proposed federal insurance advisory board.
Rep. Paul Kanjorski, D-Pa., chairman of the House Financial Services Committee Capital Markets Subcommittee, has included an FTC rep provision in a new version of H.R. 5840. The bill would create the advisory board along with a new federal Office of Insurance Information.
NAIFA President Jeffrey Taggart says giving the FTC a seat on the advisory board is unnecessary.
“Congress already has the authority to engage the FTC in studies and investigations of the insurance industry if it chooses and can incorporate the FTC’s viewpoint on any future recommendation(s) coming from the OII,” Taggart says.
NAIFA’s board recently announced support for an earlier version of H.R. 5840.
The provision adding the FTC to the advisory board is part of a substitute to the original version of H.R. 5840.
Kanjorski reportedly has been showing the substitute to life insurance industry lobbyists.