WASHINGTON D.C. – David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), issued the following statement in response to the introduction of the Insurance Industry Competition Act:

"The so-called Insurance Industry Competition Act is a punitive bill that hinges on a false premise. It uses the current controversy as a convenient cudgel to punish an entire industry, when in fact the existing crisis had nothing to do with the limited exemption that allows insurers to share loss data. The McCarran-Ferguson Act does not hinder competition among insurers. In fact, it promotes competition in the marketplace by putting small and medium-sized companies on a level playing field with much larger competitors, and it creates efficiencies for insurers that mean savings and choice for insurance buyers. These savings are crucial to consumers during an economic downturn, and we call upon Congress to reject this misguided legislation."

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. For additional information about PCI, click here.