Professional insurance agents are just as concerned about inappropriate federal regulation as they are about what direction insurance prices may take. That was the assessment of PIA National President Kenneth R. Auerbach, Esq., in an interview with the National Underwriter.

“We do not want to see an inappropriate regulation for this industry, which is not responsible for the current financial meltdown,” Auerbach said, adding that educating the public and lawmakers to put the property-casualty industry’s position in the overall financial crisis into context will be a major objective of agents going forward. Policymakers, he said, need to appreciate the distinction between insurers and other players in the financial services sector, adding that p-c carriers are not responsible for the economic meltdown.

“The next few years will be trying, but there is certainly room for any Main Street agent to succeed in either the short term or long term,” observed Auerbach.

Agents Concerned About Possibility of Federal Regulation (National Underwriter 11/17/08)

November 18, 2008