BOSTON--An optional federal charter for property-casualty insurers will never be approved by Congress as long as independent insurance agents so vehemently oppose the concept, an influential congressman told an industry conference here.
"No major change will come in the insurance laws of this country over the objections of insurance agents," declared Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee, during a speech here before the annual meeting of the Property Casualty Insurers Association of America.
"Insurance agents are the most influential group within the property-casualty industry," he said. "You will never win in a head-to-head battle with them over any issue. They are not only numerous, but they are an outgoing culture. They are in all the Rotary Clubs and other local groups, and are extremely active and influential from a political grass-roots standpoint in their communities."
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