Posted: 8/5/2010
Senate Bill Would Expand FTC Authority to P/C Insurers
Just as financial services regulatory reform has finally been signed into law and the Senate wraps up its final week of work before the annual August recess, a bill has been introduced that once again poses a major challenge to the property/casualty insurance industry. Introduced by Sens. John Rockefeller, D-W.Va., and Mark Pryor, D-Ark., the Insurance Competition and Transparency Act would give the Federal Trade Commission the ability to conduct studies, prepare reports, and release information relating to insurance companies without first receiving a congressional request to do so.