WASHINGTON–Legislation providing for federal oversight of homeowners insurance contracts was quietly introduced by industry critic Sen. Trent Lott, R-Miss., on Thursday night.
The bill, which calls for additional disclosure language on home policies and Federal Trade Commission oversight, was instantly condemned by the Property Casualty Insurers Association of America (PCI).
According to PCI, the measure would "do nothing to enhance the 'plain language' requirements already on the books in almost every state."
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