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#15295 - 04/12/02 07:02 PM HMDA equivalent for insurance
Bartman Offline
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Bartman
Joined: Oct 2000
Posts: 1,191
Springfield
Yesterday I attended a workshop sponsored by the Fair Housing Center of Greater Grand Rapids (Michigan) that covered discrimination in property insurance coverage. One of the speakers was Prof. Gregory Squires, chair of the sociology dept. at George Washington University. He's been an active researcher and proponent of greater disclosure in the insurance industry, and he's proposing HMDA-like legislation for insurance agents.

For those of you who watch Congress (and also happen to have insurance affiliates), keep your eye on HR3339 - it's currently sitting in the House subcommittee on capital markets, insurance, and government-sponsored enterprises. Introduction date was 11-19-01 by L. Gutierrez, and it was referred out on 11-30.

My personal impression was that Prof. Squires makes a convincing argument for the need to shed light on the insurance industry and its potential for redlining & other forms of discrimination - but he doesn't seem to appreciate that this kind of legislation will generate a lot of cost for independent insurance agencies, and likely a whole new support industry.

For those of us who put HMDA data together for our banks, we may have an opportunity to become consultants to the insurance industry...
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Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."

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#15296 - 04/12/02 10:29 PM Re: HMDA equivalent for insurance
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Ahhh - job security - ain't it a wonderful thing?

Bart read my post on HMDA and Business loans. Looks like we get to venture into a whole new territory next year. I can hear the swearing now (and some of it is me!)
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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