Coalition Presses Congress on Reform

In letters to both houses of Congress, a newly formed coalition is asking lawmakers to bear in mind the concerns of smaller organizations as they seek to reform the regulatory process under which insurers operate.

Members of the Main Street America Coalition, including the National Association of Mutual Insurance Companies, the Independent Insurance Agents & Brokers of America, and the Credit Union National Association, say they represent millions of critical stakeholders and financial services providers in communities across the country.

The letters asks the lawmakers not to punish smaller organizations for the misdeeds of larger institutions.  Smaller carriers tend to oppose an optional federal charter for insurers, while larger insurance companies generally favor measures to nationalize insurance regulation. “Our members did not create or market exotic financial instruments for quick profits. Policymakers seeking a long-term successful solution to our present crisis must recognize the dramatic differences between Main Street organizations, which continue to meet the needs of their local markets/stakeholders, and those institutions that have required unprecedented government financial intervention even to survive. The lessons to be learned and the remedies to be applied should take into account this critical difference.”