Bloomington, Illinois (April 2, 2009) – State Farm Insurance supports legislation introduced today in the U.S. House of Representatives to create a National Insurance Commissioner within the U.S. Treasury Department and provide an optional federal regulator for insurance carriers.
The National Insurance Consumer Protection Act was formally introduced by Congressman Ed Royce (R-CA) and Congresswoman Melissa Bean (D-IL). This legislation will be an important element as Congress continues discussions on a regulatory system to protect consumers in these tough economic times.
“State Farm believes that the National Insurance Consumer Protection Act would provide important consumer benefits by establishing a uniform, competition based regulatory framework, which would bring consistency and efficiency,” said Mike Fernandez, State Farm vice president of public affairs. “The nation’s current state-based regulatory system makes serving insurance customers complicated, costly and cumbersome.”
Jeff McCollum, State Farm Insurance al (309) 766-0307.