What is InsurPac?
InsurPac is a political action committee formed by the Independent Insurance Agents and Brokers of America (IIABA) to support Congressional candidates who are supportive of our industry positions. Each year, revenues are raised to contribute to individual candidate races. In politics, money is a major driver in getting your position heard. The IIABA is recognized as having one of the best lobbying operations in Washington which is supported by your dues. However, federal law does not permit IIABA to contribute to individual candidates nor does the IIABA budget permit. Therefore, we rely on the generosity of our members to assist the lobbying effort by contributing to the PAC.Why give?
IIABA depends on its members’ PAC fund-raising as an important part of their lobbying effort. In addition, there are two other reasons for members to contribute to this effort.
First, we all derive our livelihoods from the insurance industry. Like most industries, there are many external threats which can negatively impact our individual well-being. Unlike many industries, insurance seems to be a target of many interest groups who believe more laws and regulations governing our business would be in their best interests. Thus, your contribution is a statement by you that your industry is important to you.
Second, there are many issues that confront insurance agents at the federal level. While some may seem remote to some of us, managing the collective whole is important to the health of our industry. Here are a few specific issues that will be addressed in the current Congressional sessions:
- Optional Federal Chartering of Insurance Companies: At stake in these conversations is the future of state regulation of insurance. This subject is likely to take several sessions to sort out and is getting traction as some short-comings of current state regulation are exposed.
- Asbestos: Persistent court cases threaten the financial viability of some manufacturers and insurers to compensate victims of asbestos. Unfortunately, the sickest victims are not the most compensated. It is hoped that the current session will break the logjam of this important tort reform measure.
- Do Not Call/Fax: Last year, one federal agency interpreted this legislation in a way which may require insurance agents to alter many traditional practices of conducting their business. IIABA is working with Congress to adjust the legislative language to make these regulations less stringent.
- Accelerated Depreciation of Expirations: IIABA is supporting a bill that would permit the acceleration of depreciated expirations upon the sale of an agency.
Is this a partisan PAC? Over the almost thirty years of its existence, InsurPac has consistently contributed to candidates in both parties. A decision to support a candidate is based upon either past support or likely future support for industry issues. Our lobbyists are well connected with party members on both sides of the aisle.
How do I contribute to InsurPac? You can contribute by check or credit card (Visa or MasterCard). Federal law requires contributions to be personal not corporate. DONATE
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