PIA ENCOURAGED, BUT WILL NOT ENDORSE SMART BILL:

The National Association of Professional Insurance Agents (PIA) says it is encouraged by the discussion draft of a bill that provides a “road map” for insurance regulatory reform. The draft of the State Modernization and Regulatory Transparency Act (SMART) was released by the House Financial Services Committee. PIA representatives said that the draft preserves the principle of state regulation of insurance. PIA was pleased that the draft does not allow for the creation of a federal charter or insurance “czar.” PIA said that it is firmly committed to regulatory modernization that preserves functional state regulation of insurance. PIA said that specific provisions in the draft addressing regulatory modernization are very positive but the organization stopped short of issuing a blanket endorsement at the time of the draft’s release.