Political Quotes

“Mr. Speaker, I yield myself 5 minutes. Mr. Speaker, I want to thank my colleague on the Financial Services Committee, Mr. Sherman, for all of his help and support on the Policyholder Protection Act as well as the chairman and ranking member of the committee for their support. I have devoted a great deal of time to insurance issues both as a State legislator in Florida and as a Member of Congress. For over 3 years, I have been pushing legislation to address problems that Dodd- Frank created for insurance companies and, more importantly, their policyholders. I credit former Congresswoman Judy Biggert for bringing these issues to light and for offering a positive solution focused on protecting consumers. After a lot of hard work, multiple hearings, drafts, redrafts, and so forth, we now have before us this bipartisan, commonsense legislation that will ensure that State regulators continue to have the tools they need to protect policyholders back home. Mr. Speaker, insurance policyholders shouldn't be on the hook for an affiliated company's failure or financial distress. But, unfortunately, that is an all-too-real scenario under the current law. Today, in certain circumstances, insurance assets--those set aside to pay out policyholders' claims--could be used as a source of strength to offset risky bets of an organization affiliated with the insurance company.…”