WASHINGTON (Oct. 21, 2009) The House Financial Services Committee today adopted an amendment ensuring that all lines of property/casualty insurance would be exempted from the jurisdiction of the Consumer Financial Protection Agency.
Proposed by Rep. Gwen Moore, D-Wisc., and Erik Paulsen, R-Minn., the amendment clarifies the definition of the business of insurance in the legislation, effectively removing all lines of property/casualty insurance - including mortgage, title and credit insurance that were included under the original language of the bill.
The change is in keeping with the stated goals of the committee to exempt property/casualty insurance from the Consumer Financial Protection Agency Act, H.R. 3126. The amendment was approved unanimously by a voice vote.
“NAMIC commends Reps. Moore and Paulsen for their work to prevent an unnecessarily duplicative and costly regulatory scheme that would ultimately hurt the very consumers the legislation is meant to protect,” said Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies (NAMIC).
“At NAMIC we wholeheartedly support ensuring that consumers have the utmost protections in the financial services marketplace,” Grande said. “We look forward to working with members of Congress to address any ongoing concerns as the bill moves to the House floor.”
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Posted: Wednesday, October 21, 2009 12:00:00 AM. Modified: Wednesday, March 24, 2010 2:32:31 PM.
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