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NAIFA Applauds Administration Proposal to Create Office of National Insurance

Contact:

Lee Allen, Vice President of Communications and Marketing, NAIFA
(703) 770-8112 (office)
(703) 336-2462 (mobile)

FALLS CHURCH, VA (July 23, 2009) — In response to the Treasury Department sending to Capitol Hill draft legislation to create an Office of National Insurance, NAIFA President Cliff F. Wilson, CLU, ChFC, LUTCF, CLF issued the following statement:

“NAIFA supports the Administration’s plan to establish a federal office of insurance expertise. There are a myriad of federal agencies that have a role in regulating different aspects of the insurance sector, and yet we remain the only financial services industry for which there is no one central federal body of expertise. This has been particularly troublesome given the financial crisis, which has illustrated the inter-connectedness of the financial services sector both at home and abroad. The turmoil has also highlighted the essential need that policymakers have a comprehensive understanding of all the elements of the financial marketplace, including the $5 trillion dollar life insurance industry, when making decisions about regulatory restructuring and new policies on how best to protect consumers.

“NAIFA believes Title V of the Administration’s plan will go along way to finally close the federal information gap, and we look forward to a continued dialogue with the Treasury Department and with Congress to ensure the agent’s voice is heard as we work through this complex regulatory reform process.”

About NAIFA: NAIFA comprises more than 700 state and local associations representing the interests of approximately 200,000 agents and their associates nationwide. NAIFA members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. The Association’s mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members.