A global market intelligence firm is charging that the Independent Insurance Agents and Brokers of America is lobbying against federal regulation out of fear that a national oversight system would facilitate more direct sales via the Web and telephone, thus bypassing its members. Are they serious or delirious?
“The Independent Insurance Agents and Brokers of America is asking…to keep the state-based regulatory structure intact, stating that it is the best way to protect the consumer,” Jonathan Steiman, an analyst in the financial services technology sector for Datamonitor, wrote in a Feb. 17 “Independent Analyst Comment” that was e-mailed to me.
The statement went on to charge that the IIABA's “recommendation to keep the state-based regulatory structure intact is not wholly in the interest of the consumer…Indeed, the current regulatory regime favors agents and brokers, at the expense of the consumer, by making it difficult for insurers to sell direct.”
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