Press Releases

FOR IMMEDIATE RELEASE
October 29, 2007

Contact:
Janay Rickwalder
(703) 383-3081 
jrickwalder@nailba.org

Felton to Testify Before Congress on Insurance Reform

(Fairfax, Va.) John W. Felton, IV, 2007 Chairman of the National Association of Independent Life Brokerage Agencies (NAILBA), will testify this week before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.

The hearing, Additional Perspectives on the Need for Insurance Regulatory Reform, is scheduled for Tuesday, October 30 at 2:00 p.m. ET, and will continue the Subcommittee’s examination of insurance regulatory reform.

“To be invited to testify at this hearing is an unprecedented opportunity for NAILBA,” stated Felton.  “As a result of our legislative efforts over the last two years, it is clear that NAILBA has a seat at the table to protect our members’ interests.”

NAILBA supports federal regulation of insurance that would put the insurance industry on equal standing with other financial services industries and recognizes that this legislation is the starting point in the long process of insurance reform.

In his testimony, Chairman Felton will detail how the current regulatory structure affects brokerage general agencies, agents, and consumers. 

“Consumers should not be limited to life insurance products by where the live. If this process leads to speed-to-market, uniformity and increased access to products for consumers we would all agree it’s a win for both NAILBA and consumers,” continued Felton.

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The National Association of Independent Life Brokerage Agencies (NAILBA) is a nonprofit trade association with 350 member agencies in the U.S., representing 100,000 producers who deliver more than one billion dollars in first year life insurance premiums annually. NAILBA is dedicated to fostering the growth of its member agencies by providing educational resources, industry standards and a collective voice for legislative and regulatory efforts. Each of NAILBA's members commits to a statement of responsibilities to ethically and responsibly serve their clients' best interests. For more information, visit www.nailba.org.