Insurers Tell Congress Dodd-Frank Will Hurt Industry

Law360, New York (July 24, 2012, 6:43 PM EDT) -- Insurance industry representatives expressed concern to lawmakers Tuesday that certain provisions of the Dodd-Frank Act would lead to unnecessarily burdensome regulation that would damage the economy and harm consumers and small businesses.

Testifying before a House Financial Services subcommittee, executives from the U.S. Chamber of Commerce, the National Association of Mutual Insurance Companies and the Insurance Information Institute said the financial reform regulation could impose unintended restrictions on investments by insurance companies under the legislation's Volcker Rule.

While Dodd-Frank provided an exemption for insurance companies from...
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