If the Democrats expand their majorities in Congress next year and perhaps even win the White House, the insurance business will face the threat of an increased federal presence that will unite the industry, the chief executive of the Property Casualty Insurers Association of America predicts.
PCI President and CEO David Sampson, in an exclusive interview last week at the National Underwriter headquarters office in Hoboken, N.J., said he believes the effect of complete Democratic control in Washington would be a “much more intrusive” presence, with “the whole weight of the federal bureaucracy” leaning on the industry.
Such an “existential threat,” he said, would spur industry associations to work more closely together despite their differences on certain policy issues, such as the need for an optional federal charter.
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