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AIA Comments On Proposed Office Of National Insurance Legislation

28 Jul, 2009 WorkersCompensation.com

                               
Washington, DC (CompNewsNetwork) - Leigh Ann Pusey, president of the American Insurance Association (AIA), issued a statement today following the release of proposed legislation (Title V, Office of National Insurance) by the U.S. Department of the Treasury.

Ms. Pusey's statement follows:

"We all agree that the government must put in place the necessary regulations and consumer protections to safeguard and prevent future economic crises, and to fill significant regulatory gaps in its architecture.

"Title V, the Office of National Insurance, addresses some of those key concerns, particularly as they relate to building a strong federal knowledge base on the insurance industry, and allowing the U.S. to engage authoritatively with the global community on international insurance matters.

“Title V establishes an office within the Department of the Treasury that will be essential for maintaining and monitoring insurance industry-related data as well as providing much-needed insurance expertise within the federal government.  It will also provide the foundation for equitable treatment of insurance issues in times of crisis and when the sector is functioning normally.

"We look forward to working with Congress and the Administration to bring safer and smarter regulation to the financial services sector.”

About AIA
The American Insurance Association represents approximately 350 major insurance companies that provide all lines of property and casualty insurance and write more than $123 billion annually in premiums. The association is headquartered in Washington, D.C. and has representatives in every state.

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