Hartwig: Financial-reform bill should not include tax for P/C insurers

04/21/2010 | PropertyCasualty360

Lawmakers should not include a provision in the financial-services reform legislation that would require property/casualty insurers to pay a federal tax to support a systemic fund for troubled firms as it would "constitute a significant policy error," said Robert Hartwig, president of the Insurance Information Institute. "The resilience of the property and casualty insurance industry, even during times of extreme distress and volatility in the global economy and financial markets, truly sets property and casualty insurers and reinsurers apart from the rest of the financial-services industry," he explained.

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