The chairman of the Property Casualty Insurers Association of America (PCI) said the group has formed a Financial Services Regulatory Reform Committee as part of its effort to avert federal regulation that is "duplicative and unnecessary."

John Blackburn, PCI chairman and chief executive officer of COUNTRY Financial, said the PCI board authorized the formation of the committee at its October meeting.

"We are experiencing a 'once in a lifetime' economic crisis," Mr. Blackburn said, "and the terms of debate regarding the regulatory architecture for this new world has fundamentally shifted. The full fallout from this crisis is unclear, but one thing is certain: the property-casualty industry must be strategically engaged in the upcoming debate. Our members have been clear that PCI must have a seat at the table and should constructively engage to help frame the options for Congress."

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