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Senate, House bills' effect on life insurance still in the air

May 24, 2010, 09:00 pm

Most pilots have their own regulatory issues to deal with, including advancements made in safety requirements and the Federal Aviation Administration's attempts at upgrading the air transportation system.

However, recent actions of Congress could also affect the life insurance industry. The Senate recently passed a financial reform bill, which would create a national insurance office that would advise lawmakers on issues affecting the industry.

What the lasting effects will be of financial reform on the life insurance industry, however, remains to be seen, according to Frank Keating. The president and chief executive officer for the American Council of Life Insurers said the bill from the Senate would have to be combined with a similar one from the House before a determination can be made.

Other areas of insurance, such as property and casualty policies, will still be regulated by state-level insurance departments as a result of the legislation. Leigh Ann Pusey, head of the American Insurance Association, said her organization will continue to work lawmakers.

"While we continue to have concerns with certain provisions in the bill, we appreciate the distinction made between insurers and others in the financial sector," Pusey said.ADNFCR-3158-ID-19795853-ADNFCR

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