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Scanning the Horizon
Financial services regulatory reform has dominated
PCI’s – and the industry’s – attention for the past 18
months. Now, with the passage and signing of the
Dodd-Frank Act, the obvious question becomes:
What’s next?
PCI is always scanning the horizon to anticipate issues
and threats, and what we see approaching is the next
chapter of financial services regulatory reform, along
with other federal and state issues that will require
continued vigilance in order to protect the viability of
a competitive private insurance market.
Although the Dodd-Frank Act is now law, we have only
reached the midpoint in the financial overhaul story. In
the first half, we succeeded in ensuring the “least and
lightest” touch on property casualty insurers in the
legislation, and the industry has ended up far better off
than we thought we’d be at this point. However, many
regulatory process battles still loom ahead and the
insurance industry will remain a target.
Now the focus shifts to the rules development stage,
where much of the bill’s effects will be shaped. PCI will
be engaged with Treasury and other regulatory agencies
to protect the industry in the rules development process
for the Dodd-Frank Act. We will also work with
Congressional leaders and staff to identify and minimize
overly broad regulation or follow-up legislation that
would result in negative consequences for consumers
and to our members’ business operations.
Although financial services regulatory reform has
dominated the federal agenda, Washington is not the
only battlefront where we are engaged on behalf of our
members. PCI has worked to defeat numerous threats
across the country and we will continue to work to
protect underwriting freedoms, achieve long-term
reform of the National Flood Insurance Program,
highlight mitigation efforts in coastal states, and defend
against challenges from the trial bar and other threats
to consumers and the private insurance market.
PCI will continue to do what our members value –
put our members’ interests first; focus on positive,
proactive reputation management; highlight the
industry’s strength throughout the financial crisis;
encourage industry engagement in the political process;
and work with regulators, Congress and the
Administration to positively shape financial services
regulatory reform and other key issues.
Sincerely,
David A. Sampson
President and CEO
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