AIA Reacts to 'New Dems' Plan for Regulation

Leigh Ann Pusey, president of the American Insurance Association, issued a statement today following the release of the “New Democrats’ Plan for Creating a 21st Century Financial Regulatory Structure.”

The New Democrat Coalition was founded in 1997 and is comprised of current Democratic Members of Congress who are committed to enacting policies that encourage economic growth, maintain U.S. competitiveness, meet the challenges posed by globalization in the 21st century, and strengthen the country's standing in the world.

“We’re encouraged by the proactive stance the New Dems have taken to protect U.S. consumers by advancing principles to modernize our nation’s financial regulatory structure," Pusey remarked. "There is an urgent need to develop insurance expertise at the federal level to both understand the critical role insurance plays in our financial markets and economy, and to deal on equal terms with other financial institution regulators at the federal level and abroad.

“We must also have smarter, more effective regulation that overcomes inherent limitations of the state-based insurance regulatory system. The best way to achieve these goals is by establishing a federal insurance regulator.”