Insurer Contributions to Congress Pegged at $35.7 Million Since '05 - BodyShop Business

Insurer Contributions to Congress Pegged at $35.7 Million Since ’05

Auto, home, business and life insurance companies contributed $35,743,017 to members of Congress during the last two election cycles, according to an analysis released by the nonprofit, nonpartisan Consumer Watchdog. About $5 million went to members of the House subcommittee that recently held a hearing entitled “How Should the Federal Government Oversee Insurance?” (click HERE to read about the hearing).

The top recipients of insurer contributions in the U.S. Senate and House of Representatives were Sen. John McCain, R-Ariz., $2,287,345; Sen. Chris Dodd, D-Conn., $1,102,056; and Rep. Paul Kanjorski, D-Pa., $491,545.

Dodd heads the Senate Banking, Housing and Urban Affairs Committee, which has jurisdiction over insurance matters, and Kanjorski chairs the House Financial Services Subcommittee, which held the insurance regulation hearing last week.

“The insurance industry is using the chaos created by failed federal oversight of other financial players to ask for the same weak treatment and regulatory options given to the banking industry. And insurers have invested tens of millions of dollars in politicians to help their cause,” said Doug Heller, executive director of Consumer Watchdog.

Other top recipients include Rep. Melissa Bean, D-Ill., $358,603, and Rep. Ed Royce, R-Calif., $297,574. Royce and Bean are co-sponsoring legislation that would allow large insurers to opt out of state regulation in favor of a federal regulator.

House Financial Services Committee Chair Rep. Barney Frank, D-Mass., and Vice Chair Rep. Spencer Bachus, R-Ala., have received $342,796 and $312,550, respectively from insurance industry sources.

Consumer Watchdog says that large insurance companies like Allstate, State Farm and Zurich favor the legislation authored by Bean and Royce (H.R. 1880), known as the “Optional Federal Charter.” The bill would offer large insurance companies the ability to opt out of state regulation and select a federal overseer instead. Also, it would prohibit the regulation of rates by the new federal agency and would preempt state rules governing rates and unfair rating practices.

The groups says Kanjorski, the House’s top recipient of insurance donations, is among the key supporters of this optional regulation plan. Consumer Watchdog claims that donations from insurers have played an important role in the push for federal insurance regulation.

“Giving insurers the ability to opt out of state regulation in favor of a legislatively neutered federal agency is nothing other than deregulation by another name,” said Heller. “It would be disastrous to support federal insurance deregulation as a response to the banking deregulation debacle that has left the American economy in shambles.”
 
Click HERE to download a document from Consumer Watchdog displaying total contributions to each member of Congress and identifying members of the House committee responsible for insurance matters.

You May Also Like

Body Bangin’ Southeast Collision Conference: To Calibrate or Not to Calibrate with Greg Peeters

Live from the Southeast Collision Conference, Micki Woods interviews Greg Peeters of Car ADAS on what it takes to do an accurate calibration.

Micki Woods, master marketer for collision repair shops and owner of Micki Woods Marketing, is kicking off a series of daily podcasts from the Carolinas Collision Association's 2024 Southeast Collision Conference. This series is sponsored by Lombard Equipment, which offers a premier line of automotive collision repair equipment for all your OEM certification needs.

Body Bangin’ Southeast Collision Conference: Building Value in Your Business with Matt DiFrancesco

Live from the Southeast Collision Conference, Micki Woods interviews Matt DiFrancesco on how to make your business as valuable as possible.

Body Bangin’ Southeast Collision Conference: Future-proof Your Shop with Mike Anderson

Live from the Southeast Collision Conference, Micki Woods interviews Mike Anderson on finding the formula for future success.

Body Bangin’: Taking the Gloves Off with Clay Hoberecht

Micki Woods interviews Best Body Shop Owner and Vehicle Care RockStar Clay Hoberecht on how he stands out in a crowded industry.

Body Bangin’: Are You Ready for the Southeast Collision Conference?

Micki Woods interviews Jordan Hendler and Josh Kent about the upcoming Southeast Collision Conference May 16-18, 2024 in Greensboro, N.C.

Other Posts

Body Bangin’: Hidden Gems to Grow Your Business with Rick Selover

Micki Woods interviews collision consultant Rick Selover on things you can do to immediately impact your person, body and business.

Body Bangin’: NORTHEAST Show Highlights with Ken Miller

Micki Woods interviews AASP/NJ President Ken Miller on highlights from the NORTHEAST Show.

Body Bangin’: Overcoming Common Shop Challenges with Kyle Motzkus

Micki Woods interviews Kyle Motzkus of Hunter Auto Body on common challenges collision shops face.

Body Bangin’: The Keys to Success with Louie Sharp

Micki Woods interviews Louie Sharp of Sharp Auto Body on life lessons learned from the Marines and how love conquers all.