PIA National Executive Vice President & CEO Len Brevik, writing in the blog of the Capitol Hill newspaper The Hill, says that the Insurance Information Act of 2008 is simply a federal power grab. Len points out that while other segments of the financial services marketplace, which are already regulated by the federal government, have experienced turmoil that has roiled world financial markets and harmed America’s economy, the insurance industry has been stable under its longtime system of state regulation. “The bottom line, state regulation works.”

“Why is there so much pressure to move such ground shifting legislation through Congress with so little discussion?,” blogged Brevik. “America owes it to its insurance consumers, members of the insurance industry and its future economic prosperity to continue to make improvements to insurance regulation within the current system of state regulation, rather than rolling the dice on a federal regulator with a poor track record,” Brevik concluded.

Read Len Brevik’s Blog Entry on The Hill

August 19, 2008