Washington – Insurers are praising the introduction of a bill that clarifies patent law in the aftermarket automobile parts market. The bill, introduced by Rep. Zoe Lofgren (D-Calif.), further clarifies existing patent law, and would help reverse an International Trade Commission ruling that sought to ban the importation of competitive parts.

Proponents say the legislation is a step toward preserving competition, which affects not only prices, but also the availability of supply, consumer choice and innovation.

“Aftermarket parts are good because they foster competition in the automotive parts industry, and competition means lower prices and greater choice for consumers,” says David Snyder, VP and assistant general counsel of the American Insurance Association. “Because of aftermarket parts, average consumer savings can range from 34 percent to 83%.”

Source: American Insurance Association

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access