David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), has said the group opposes the bill, which PCI believes takes advantage of the AIG controversy to punish the entire insurance industry.
“The McCarran-Ferguson Act does not hinder competition among insurers,” Sampson said. “In fact, it promotes competition in the marketplace by putting small and medium-sized companies on a level playing field with much larger competitors, and it creates efficiencies for insurers that mean savings and choice for insurance buyers. These savings are crucial to consumers during an economic downturn, and we call upon Congress to reject this misguided legislation.”
ASA members also pushed for members of Congress to co-sponsor H.R. 1880, which would establish an optional federal charter for property and casualty insurers (click HERE to read more).
While lobbying, ASA collision repairers met with members from the House of Representatives Judiciary Committee, the House Financial Services Committee, the Senate Judiciary Committee, the Senate Banking, Housing and Urban Affairs Committee, the Senate Finance Committee, and an assortment of House and Senate leaders.
For more information about ASA’s political activity, visit www.TakingTheHill.com.