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Bean stands up for insurance buyers

Aug 19, 2007

Today, insurance consumers are at a disadvantage because the current state-based insurance regulation system delays them access to new, innovative products to protect their cars, homes and families.

It also keeps customers from continuing their relationship with their agents or brokers when they move to another state if they choose.

While this system is frustrating, time-consuming and costly to insurance agents like me, it is unacceptable to my customers.

Fortunately, U.S. Rep. Melissa Bean, an Illinois Democrat, understands that consumers benefit when competition and choices increase in the marketplace.

While the issue of insurance regulatory reform will not be a hot- button topic on the campaign trail, it truly affects everyone who buys or sells insurance.

Congresswoman Bean recently introduced legislation with bipartisan support, The National Insurance Act of 2007 (H.R. 3200) to create a more effective and efficient regulatory system.

Under this bill, agents and brokers will be able to offer more products at competitive rates.

After 28 years in the insurance business, I have witnessed one constant - consumers benefit from additional choices.

As a small business owner, I will also be able to continue to serve my loyal customers' financial services needs if they move out of state.

My driver's license works in Florida; why shouldn't my insurance license be accepted there as well?

H.R. 3200 will allow your insurance agent to opt into a strong federal regulatory structure in order to best serve your needs.

It will increase consumer protection and decrease bureaucracy.

Agents will receive one federal license to serve customers in all states no matter where they (or their agent) live or move.

But most importantly, insurance customers will benefit from increased price competition and more choices in the marketplace.

Rep. Bean deserves credit for taking the first step in improving today's outdated insurance regulatory system.

William Hume


(c) 2007 Daily Herald; Arlington Heights, Ill.. Provided by ProQuest Information and Learning. All rights Reserved.

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