We, the undersigned U.S. trade associations, write to express our support for inclusion of the Business of Insurance Regulatory Reform Act in the Committee’s legislative package to reform the Consumer Financial Protection Bureau (CFPB). Collectively, we represent a majority of the U.S. companies and agents offering property-casualty, title, and life insurance, and respectfully urge the Committee to include this important legislation as it considers CFPB reform.
As you are aware, Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act largely exempted the business of insurance from the purview of the CFPB and reiterated that the regulation of insurance had been delegated to the states. We believe that additional revisions to the Dodd-Frank Act are needed to underscore the broad scope of the business of insurance exemption and to place appropriate parameters around the CFPB’s regulatory actions.
