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June 08, 2012 at 06:18 AM
Prudential Financial spent more on lobbying than any other life insurance company in 2011, according to data released today by SNL Financial.
The top spot, however, was held by Aetna, primarily a health insurer. Prudential spent $4.44 million to lobby state and federal interests, while Aetna spent a whopping $10.45 million.
A key difference between Aetna and life insurers is that Aetna primarily contributed to lobbying groups, such as the Chamber of Commerce and American Action Network, which focus on “lesser government” issues.
Life insurers primarily did their own lobbying, or focused on tax and regulatory issues that impact life insurers and their customers.
That is why the primary recipient of life insurance company donations was the American Council of Life Insurers, which lobbies on regulatory and tax issues critical to the industry.
The data was based on information insurers are required to file with the National Association of Insurance Commissioners.
