Leaders of the Nationwide Affiliation of Insurance coverage Commissioners wrote in help of S. 4325.
The checklist of co-sponsors of the 2017-2018 invoice included Sen. Tammy Baldwin, D- Wis., Sen. Mike Rounds, R-S.D., and Sen. Joni Ernst, R-Iowa, along with Scott and Manchin.
The brand new invoice: The checklist of organizations formally supporting the brand new model of the CFPB scope invoice contains the American Council of Life Insurers and the Nationwide Affiliation of Insurance coverage and Monetary Advisors together with property and casualty insurer teams, the Client Credit score Business Affiliation and the U.S. Chamber of Commerce.
Manchin famous within the invoice announcement that the invoice would maintain the CFPB to the identical scope limitations because the U.S. Treasury Division’s Federal Insurance coverage Workplace, one other entity created by the Dodd-Frank Act.
Scott mentioned the invoice will defend state-based insurance coverage regulation from “unchecked bureaucrats in Washington.”
ACLI President Susan Neely mentioned the brand new invoice makes a transparent assertion that oversight of the enterprise of insurance coverage ought to stay throughout the purview of the states.
“By wars, financial turmoil, world pandemics and structural shifts within the business, state insurance coverage regulators have demonstrated their capability to supervise insurers and defend one of the best pursuits of customers,” Neely mentioned.
The U.S. Capitol rotunda. Photograph: Diego M. Radzinschi/ALM