WASHINGTON--Insurance industry officials are voicing strong opposition to legislation approved earlier this week by a House subcommittee that would abolish use of arbitration agreements in consumer, franchise and employment contracts.
The bill, H.R. 3010, the Fairness in Arbitration Act, passed the Subcommittee on Commercial and Administrative Law of the House Judiciary Committee Tuesday by voice vote.
"As drafted, the bill is overly broad and appears to implicate contracts beyond those contracts it is purported to affect," said Marc Racicot, president of the American Insurance Association Monday in a letter asking the subcommittee not to act on the bill.
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