AIA Says CA Disclosure Bill Flawed

A measure approved by the California State Senate is based on a flawed premise and will discourage charitable giving by insurance companies, says the American Insurance Association (AIA). "This bill is based on the faulty assumption that insurers should be regulated at the state level, in the same way that banks are regulated at the federal level," says Mark Webb, AIA vice president, western region. "At a time when property and casualty insurance companies must be certain that their investments are secure and can be easily liquidated to pay claims quickly, requiring investment data reporting...