OREGON HOUSE REPUBLICANS
FOR IMMEDIATE RELEASE
March 22, 2011
Contact: Nick Smith
REFORM BILL STREAMLINES INSURANCE REGULATIONS
TO PROMOTE AFFORDABILITY, CONSUMER CHOICE
SALEM— House Republicans today supported a bill to allow Oregon to join the Interstate Insurance Product Regulation Compact. Republicans say HB 2095 promotes affordability and consumer choice by streamlining the approval of new life insurance, annuities, disability insurance and long-term care insurance products in Oregon.
“This bill brings Oregon into line with 38 other states that have formed a compact to review and approve insurance products,” said Rep. Gene Whisnant (R-Sunriver), Co-Chair of the House General Government Committee. “Joining the compact will allow the state to quickly approve insurance products that meet high consumer protection standards. By adopting a national standard, Oregonians will have better and more affordable insurance products to choose from.”
Republicans say HB 2095 breaks down an additional layer of government bureaucracy that may block or delay the offering of insurance products that are available to Americans in other states.
“HB 2095 is a common-sense reform and an example of how we can streamline regulations to make products such as life insurance more affordable for Oregonians,” said Rep. Patrick Sheehan (R-Clackamas). “This is one of many reforms the Legislature should pursue to lower insurance costs and make Oregon more competitive.”
HB 2095 now moves to the Senate.