Regulatory modernization, restrictions on cost-based underwriting, and extension of the Terrorism Risk Insurance Act are the three most significant public policy issues facing insurers in 2005, according to the Property Casualty Insurance Association of America, which is working with its member companies to develop a comprehensive political agenda.
“Because so many issues are being debated at both the state and federal level, it is extremely important that our advocacy efforts are coordinated,” said Carl Parks, senior vice president, federal government affairs for PCI. “We need to make certain that our messages to state legislators, state regulators, and members of Congress are clear and unambiguous.”
Other issues identified by PCI members as important in the upcoming year include the application of Sarbanes Oxley to non-publicly traded insurers, judicial reform (including class action, medical liability, and asbestos litigation), market conduct reform, catastrophe risks/deductibles restrictions/assaults on rating, and medical cost inflation.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.