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NAMIC pens letter to Congress regarding regulations

Posted On Mon, July 30, 2012

A major insurance trade organization grabbed headlines recently when it made comments to the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity about what it saw as over-regulation.

The National Association of Mutual Insurance Companies (NAMIC) said in a statement that while the Dodd-Frank Wall Street Reform and Consumer Act, better known as Dodd-Frank, had focused on on financial services firms that had caused the economic crisis, there were still ramifications for innocent firms. It also “urged” congress to get rid of unintended consequences for those in the sector.

"The scope of the DFA has led to many changes in how insurance companies - particularly those that are large and diverse - deal with regulation by the federal government," the NAMIC said in its release. It went on to say that even though there had been changes made there was still quite a bit of "uncertainty for insurers." 

According it its website, NAMIC has 1,400 member companies that provide a number of different types of insurance quotes including property/casualty, business, automobile and homeowner.

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