The whole month of August is devoted to political involvement and advocacy, considered a prime time for PIA members to meet with Members of Congress while they are typically at home in their respective districts.
The PIA says the stakes are higher this year, making the contact with Members of Congress even more critical than usual, in order to respond to a large special-interest campaign mounted by a coalition of banks, securities firms and large life insurers seeking to create a massive new federal insurance bureaucracy.
According to the PIA, its members will be asking their elected representatives to oppose The National Insurance Act of 2007 (H.R. 3200, S. 40), which seeks a so-called optional federal charter for insurers and the creation of a federal insurance regulatory bureaucracy in the Treasury Department. PIA members will also ask officials to oppose attempts to repeal the McCarran-Ferguson Act’s limited antitrust exemption for insurance.