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Advocacy in action blog

Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-SC) cited NAIFA's support in a press release announcing legislation designed to protect the state-based regulatory regime of the insurance industry. The bill, known as the Business of Insurance Regulatory Reform Act, would clarify and reinforce sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude "the business of insurance" from regulation by the federal Consumer Financial Protection Bureau. It would shore up federal laws that give state regulators exclusive authority to regulate insurance.

NAIFA is among a coalition of organizations that has advocated on behalf of the legislation and signed on to a letter urging Senator Scott and the bill's cosponsor, Senator Joe Manchin (D-WV) to move it forward.

Senator Scott was an insurance agent and a NAIFA member before going into politics. “With 23 years of experience in the insurance industry, I’ve seen firsthand the value of our state-based insurance system," Scott said. "As the CFPB continues to overstep its authority and operate beyond its jurisdiction, this bill will protect our unique system of state-based insurance regulation that has resulted in highly competitive, fair markets across the country from unchecked bureaucrats in Washington.”

Representative Bryan Steil (R-WI) has introduced companion legislation in the House and also cited NAIFA in his press release

“State insurance regulators have a strong track record of effective regulation of the insurance industry,” said Congressman Steil. “When Congress created the CFPB, it excluded the insurance business from the Bureau's mandate. Unfortunately, the CFPB has tried to expand its authority without any accountability. This legislation makes it clear to the CFPB that it has no authority to regulate the business of insurance. It’s time for the Bureau to start operating within the boundaries set by Congress, and this bill is a step forward in making sure it does.”