|
|
FOR IMMEDIATE RELEASE |
|
State
Rep. Vince Biancucci |
  
|
Biancucci consumer protection bill clears Senate en route to becoming law
HARRISBURG, July 4 – The state Senate today passed a bill (H.B. 1167), sponsored by Rep. Vince Biancucci, D-Beaver, which would protect consumers from property or casualty insurers that are failing financially.
"Often, consumers of casualty or property insurance find out too late that their chosen insurance company cannot even fulfill its financial responsibilities. This legislation is a step toward providing greater protection for Pennsylvania consumers from irresponsible insurers and their empty promises," Biancucci said.
Biancucci’s bill would amend state law to require a standard test of insurance companies’ financial condition, known as a risk-based capital trend test. The test is already imposed on health and life insurers, but Biancucci noted that the same test ought to be expanded to protect consumers from casualty or property insurance companies that might otherwise hide their weak financial condition.
According to the lawmaker, Gov. Ed Rendell is expected to sign the bill soon.
###mds/2008/jma
l:'print'releases'ConsumerProtectionPass.015
|
|