Professional Insurance Agents Oppose Insurance Provision in Financial CHOICE Act

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- The National Association of Professional Insurance Agents (PIA) has reaffirmed its opposition to a provision in the Financial Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs (CHOICE) Act that would create an Office of the Independent Insurance Advocate. A vote on the CHOICE Act is expected in the House on June 8.

"The CHOICE Act is designed to roll back the regulatory overreach of the Dodd-Frank Act," said PIA National Executive Vice President & CEO Mike Becker. "Unfortunately, it also contains a provision that would create a new, expansive and unnecessary federal insurance bureaucracy. The Independent Insurance Advocate could quickly become a federal insurance czar with no supervision, positioned to usurp our strong and effective system of state insurance regulation. It runs counter to the purpose of shrinking the federal footprint."

PIA opposes the creation of the Office of the Independent Insurance Advocate and will continue to advocate in the future to see that it is not signed into law.

"If one were to draft a proposal to extend the reach of the federal government over the insurance industry, this provision of the CHOICE Act would fit the bill," said PIA National Vice President of Government Relations Jon Gentile. "It's disappointing and frankly inexplicable for the CHOICE Act, which removes power from Washington in so many ways, to be used to increase the federal role over insurance."

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA's web address is www.pianet.com.