The American Insurance Association strongly disagrees with Sam Friedman's April 17 editorial, “A View From the Fence.” When it comes to reforming state insurance regulation, fence-sitting is exactly where the process of reform has been for decades–the result has been virtually no meaningful regulatory modernization.
Recently, thoughtful legislation has been introduced on Capitol Hill that will bring the property-casualty insurance industry into the 21st century–the National Insurance Act. S. 2509 has broad insurance and financial services sector support, because it offers long-awaited solutions to marketplace problems that inhibit insurers from serving their customers to the fullest.
The call for regulatory reform is neither recent nor sudden. The long-standing cry for reform arises from an industry that has endured the impotence of state regulatory reform efforts for decades.
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