Consumers of the property-casualty insurance industry have the best protection they need—the industry itself.

That’s what the Property Casualty Insurers Association of America (PCI) maintained in its testimony in front of the U.S. House Committee on Financial Services recently. PCI believes that the industry gives clients the strongest consumer protections of all financial services sectors and therefore does not need additional consumer products regulation.

Add the National Association of Insurance and Financial Advisors (NAIFA) to the list of industry groups who oppose any federal regulation of insurance products—and have gone to Capitol Hill to say so.

Cliff F. Wilson, president of NAIFA, recently testified in the “Regulatory Restructuring: Enhancing Consumer Financial Products Regulation” hearing held by the U.S. House Committee on Financial Services. He stated that because insurance products are already sufficiently regulated by the states, they should not be placed under the authority of the proposed federal Consumer Products Safety Commission.

Not good enough.

That's the message the National Center for Regulatory Reform has for the Obama administration over its proposed regulations for the financial and insurance industries.

The Group of North American Insurance Enterprises (GNAIE) is pitching in to reform accounting standards.

The GNAIE has joined a new coalition of trade associations, the Financial Instruments Reporting and Convergence Alliance (FIRCA), which represents all sectors of the economy and areas of the financial services industry.