The forced rate reductions will only create more availability issues for the Texas consumer," said Joe Woods, southwest regional assistant vice president for the
Alliance of American Insurers.
It was conducted on behalf of the
Alliance of American Insurers, the American Insurance Association, the National Association of Independent Insurers and the National Association of Mutual Insurance Cos.
The
Alliance of American Insurers has urged the department to reconsider its position.
The
Alliance of American Insurers hailed NCOIL's passage of the model act as "a tremendous blow for civil justice reform" and said it was part of the Alliance initiative to reform the state class-action tort system.
The
Alliance of American Insurers immediately urged action to resolve differences between the House and Senate versions of the act's renewal.
Roger Kenney, vice president of research for the
Alliance of American Insurers, said the industry is watching the residual market closely, but there's no need to panic yet.
Excessive punitive damages are one of the primary symptoms of the runaway litigation explosion that has developed in many parts of this country," said Ken Schloman, Washington counsel for the
Alliance of American Insurers, which has expressed approval of the committee's decision to review the issue in light of the Supreme Court's opinion.
Although the law applies only to publicly traded companies, smaller insurers can expect the National Association of Insurance Commissioners to apply many of the rules to insurers regardless of whether they're traded or not, said Jim Olsen, director of financial regulation for the
Alliance of American Insurers.
The
Alliance of American Insurers expressed disappointment with the judge's decision, saying that it could have a chilling effect on the use of aftermarket auto parts throughout the country.
