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Groups Speak Out Against OII Proposal

By Arthur D. Postal

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Washington Bureau — NU Online News Service, Jan. 6, 2008, 3:48 p.m. EST

A property-casualty association and the Coalition Opposed to a Federal Insurance Regulator are fighting efforts to create an Office of Insurance Information within the U.S. Treasury Department.

The National Association of Mutual Insurance Companies, Indianapolis, and the Coalition Opposed to a Federal Insurance Regulator, Washington, have sent an electronic mail opposing the OII propsal to all members of Congress

“There is no need to ask the Treasury Department to reform a system that already works,” NAMIC and COFIR write in the e-mail.

COFIR includes life insurers as well as property-casualty insurers.

The groups are responding to reports that Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif., will be asking the incoming Treasury secretary to create an OII.

“Insurance regulation is an enormously complex matter, and there is no need to ask the Treasury Department to unilaterally begin to reform a system that already works,” NAMIC and COFIR write.

“State attorneys generals and insurance commissioners have done an excellent job protecting consumers and the U.S. economy,” the groups add. “This is not the time to potentially disrupt a system that has kept a market healthy and stable.”