Friday, July 03, 2009

B&D Reviews Impact of CFPA on Industry

NAPSLO's Washington D.C. representative has reviewed the proposed Consumer Financial Protection Agency (CFPC) Act of 2009 , and based on its analysis, if passed, would have the following impact on the insurance industry:
  • The business of insurance is specifically excluded from the CFPC’s authority to regulate consumer financial products or services under the Act.
  • Entities engaged in the business of insurance would not be subject to the Agency's reporting requirements for "nondepository” entities.
  • The authority over consumer financial protection currently vested in the state insurance regulators will not be transferred to the CFPC.
  • The Act recognizes the authority of state insurance regulators' over insurance products and Annuities which is to be separate and apart from the Agency's authority.

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