1982 0715 - GOV (Senate) - Fair Insurance Practices Act - Bob Packwood (R-OR)
- 1982 0715 - GOV (Senate) - Fair Insurance Practices Act, Bob Packwood (R-OR) --- [BonkNote]
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- To Promote Interstate Commerce by Prohibiting Discrimination in the Writing and Selling of Insurance Contracts, and for Other Purposes
- ACLI - Barbara Lautzenheiser, senior vice president, Phoenix Mutual Life Insurance Co. - (p134-
- [CFA / NICO] - J. Robert Hunter, President, National Insurance Consumer Organization - (p
- Senate - Committee on Commerce, Science, and Transportation
- ACLI - Barbara Lautzenheiser, senior vice president, Phoenix Mutual Life Insurance Co. - (p134-
- SUMMARY OF STATEMENT
- We oppose the enactment of S. 2204. Our member companies do not discriminate on the basis of race, color, religion, or national origin, and do not discriminate on the basis of sex with regard to the availability of coverage. Therefore, there is no need for this legislation in these regards. On the other hand, our member companies need to be able to reflect mortality differences between the sexes in pricing their life insurance and annuity products, and this legislation would do harm in prohibiting the recognition of those differences.
- FAIRNESS IN LIFE INSURANCE PREMIUM RATES
- S. 2204 would, among other things, prohibit the use of different premium rates for women and men in life insurance and annuities. The reason given is that such differences are unfair. Sex-based premium-rate distinctions are fair when they reflect in a straightforward manner the anticipated mortality differences. They don't reflect stereotypes-they reflect facts.
- An insurance transaction is quite different from the typical situation in which unfair discrimination might be alleged.