Bloomington, Illinois, June 8, 2009 - Legislation to create an Office of Insurance Information introduced by Rep. Paul Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, received a strong endorsement from State Farm, the nation’s largest insurer of cars and homes in the U.S.
State Farm called the proposal an “important step” in the federal government’s review of insurance regulation across the country. Mike Fernandez, State Farm vice president of public affairs, commended Congressman Kanjorski for his leadership and his introduction of H.R. 2609, The Insurance Information Act of 2009.
Commenting further, Fernandez said, “There is a clear need for modernization of insurance regulation – we need greater consistency, efficiency and uniformity. Customers need assurance that insurers can meet their financial obligations and customers won’t be required to subsidize those who choose to live in riskier locations.”
H.R. 2609 calls for the creation of a federal Office of Insurance Information (OII), an office within the Department of Treasury, that will focus on analyzing and reporting on matters related to the U.S. insurance industry, including insurance regulation. This office will advise both Congress and the Executive Branch on important issues facing consumers and the industry.
Holly Anderson, Public Affairs Specialist at 309-735-7745.
State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. State Farm's 17,700 agents and 68,600 employees serve, 81 million policies and accounts - more than 78.7 auto, fire, life and health policies in the United States and Canada, and more than 1.9 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 31 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.