5/24/2010

Leaders from the property/casualty insurance industry voiced support for the financial-services-reform legislation that cleared the Senate last week. But although the proposed measure would exclude P/C insurers from contributing to a resolution fund for financial firms, it could "still impose [upon insurers] real burdens on an industry that has remained stable through the financial crisis," said PCI President David Sampson. The Senate bill should include the provision in the House version that would create a Federal Insurance Office as well as differentiate "state-regulated insurers in the provisions relating to assessments and proprietary trading," Sampson added.

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