Financial Services Provider Believes Insurance Information Act will help military
July 9, 2008
WASHINGTON, July 9, 2008 /PRNewswire via COMTEX/ -- USAA congratulates Subcommittee Chairman Paul Kanjorski for his leadership in introducing, and today passing through the Capital Markets, Insurance and Government-Sponsored Enterprises Subcommittee, H.R. 5840, The Insurance Information Act of 2008.
"As a financial services provider for members of the U.S. military and their families, USAA has long been an advocate of insurance modernization legislation," said Brian Conklin, USAA's vice president of Federal Government Affairs. "America's men and women serving in the Armed Forces, who move frequently due to their military service, are disproportionately penalized by the current maze of state-by-state regulation. Insurance modernization will eliminate the inconsistencies and unnecessary time demands that burden military families when they move from state to state."
Enactment of H.R. 5840 would, for the first time, create an office of the federal government (the Office of Insurance Information or OII) dedicated to studying, analyzing and reporting on matters related to the U.S. insurance industry, marketplace and consumers. This office will advise both Congress and the Executive Branch on the important issues facing consumers and the industry, and provide recommendations on how the federal government might respond to those issues.
The attention Subcommittee Chairman Paul Kanjorski (D-PA) and Ranking Member Deborah Pryce (R-OH) have given to the critical issue of insurance modernization is most welcome and necessary. The current state-based regulatory system is long overdue for major repair.
"Regulatory reform at the federal level will provide consumers with more choice, cost savings, consistent consumer protections and a more efficient insurance system," added Conklin. "Enactment of H.R. 5840 is a good first step toward fixing this broken system and will help American insurers stay competitive in a global marketplace."
About USAA
USAA, a diversified financial services company, is the leading provider of financial planning, insurance, investments, and banking products to members of the U.S. military and their families. Named as BusinessWeek's top Customer Service Champ in 2007 and 2008, USAA provides convenient and accessible financial products to its 6.4 million members. For more information about USAA, or to learn more about membership, visit usaa.com.
Paid For By Pennsylvanians For Kanjorski | Privacy Policy | 126 South Franklin Street | Wilkes-Barre, PA 18701 | (570) 825-6070 Contributions to Pennsylvanians for Kanjorski are not tax deductible. | Site Design by Kuhar
