Washington— The National Association of Professional Insurance Agents (PIA) is reiterating its opposition to the National Insurance Act of 2007.
PIA is citing the results of a nationwide survey showing that small business owners oppose the idea of the federal government regulating insurance.
In a recently released poll of its members, the National Federation of Independent Business (NFIB) asked whether Congress should repeal the anti-trust exemption for insurance companies and regulate them at the federal level. Of respondents, 46% voiced opposition to the repeal, while 28% supported it and 26% remained undecided.
PIA says the results are indicative of firm opposition to the optional federal charter. “Main Street business owners know that the best regulation is that which is closest to the people, within each of our states,” says PIA National President Donna Pile. “The success of the insurance industry under state regulation illustrates that the needs of the marketplace are best met at the local level.”
However, the NFIB survey results countervail the results of a study INN reported on in June. Then, more than three-quarters (77%) of the 100 insurance executives representing the property and casualty and life sectors, along with key market participants who attended Standard & Poor's Ratings Services' 23rd annual insurance conference favored an optional charter for insurance regulation.
PIA is hardly alone in its opposition to repeal of the anti-trust exemption for insurers. Organizations such as Indianapolis-based National Association of Mutual Insurance Companies (NAMIC) and Alexandria, Va.-based Independent Insurance Agents & Brokers of America (IIABA) have also publicly opposed the legislation.
Sources: PIA, INN Archives
