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.