Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
PCI Applauds Michigan Gov. Snyder's Call for No-Fault Reform and Creating a Michigan Department of Insurance and Financial Services in His State of the State Address
LANSING, Mich., Jan. 17 -- The Property Casualty Insurers Association of America issued the following news release:
The following statement responding to Michigan Governor Rick Snyder's call for reforms to the state's no-fault automobile insurance and to turn the Office of Financial and Insurance Regulation into a department-level agency within state government during last night's State of the State Address can be attributed to Jeffrey Junkas, regional manager for the Property Casualty Insurers Association of America (PCI).
"PCI is very pleased that Governor Snyder is making insurance issues a high priority in 2013. His call for reform to the state's no-fault automobile insurance system is an important next step toward addressing skyrocketing costs. We look forward to working with his office and members of the legislature to enacting meaningful reform to the system and implementing measures to bring costs down.
"Michigan is the only state that mandates unlimited, lifetime medical benefits for auto accident injuries. This "one-size fits all" system is expensive, has few cost controls and does not provide any incentives for thrift. As a result Michigan drivers pay 20 - 30% more than in neighboring states.
"In addition we welcome his call to elevate the Office of Financial and Insurance Regulation (OFIR) into a department-level agency within state government. This is further evidence of his commitment to creating a positive insurance environment which protects consumers and promotes economic development and job growth."
TNS MT93 130118-4171037 61MarlizTagarum