PIA SURVEY SHOWS STRONG SUPPORT FOR STATE REGULATION:

Members of the National Association of Professional Insurance Agents who were recently surveyed strongly support state regulation of insurance and strongly oppose any effort to move to a federal regulatory system. The results were released by Len Brevik, executive vice president and CEO of PIA National, during an industry panel held in Hershey, Pa. “Participants were vehement in their rejection of a federal insurance regulator. At the same time, a majority agreed that changes are needed to modernize state insurance regulation,” Brevik said. Of those PIA members responding to the survey, 96.4 percent said they were satisfied with their own state’s regulation and oversight practices; however, only 41.4 percent expressed the same satisfaction with regulation and oversight in nonresident states where they transact business. A majority of respondents, 55.1 percent, said changes are needed to modernize state insurance regulation, while 43.7 percent said they thought everything is fine the way it is. An overwhelming majority, 83.6 percent, said that having a federal insurance regulator is a bad idea, and 88.3 percent expressed support for continuing the current system of functional state-based insurance regulation “with only the most minimal federal oversight.”

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