When insurance firms launched social media initiatives, the results were rewarding.
WASHINGTON, Jan. 10 -- The House Energy and Commerce Committee issued the following news release:
President Obama today signed into law H.R. 5859, a bill to repeal an obsolete mandate requiring motor vehicle insurance cost reporting. The bipartisan legislation, introduced by Reps. Gregg Harper (R-MS) and Bill Owens (D-NY), eliminates an outdated requirement for the National Highway Traffic Safety Administration to develop information on how damage susceptibility affects insurance rates for different makes and models of passenger vehicles and NHTSA's rule requiring car dealers to make such information available to prospective buyers. Research shows consumers rarely seek this information and other factors such as driver history, locale, and vehicle use have much greater influence on insurance rates than damage susceptibility.
"This new law is another important step in peeling back outdated and unnecessary rules that businesses must deal with on a daily basis," said Harper. "This was a bipartisan effort to help eliminate regulatory red tape and I hope to see similar successes in the months ahead as President Obama has stated that it is a priority of his administration to identify and eliminate costly, outdated, and unneeded regulations."
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