By
Washington
Industry groups are blasting an Internet privacy bill approved by the Senate Commerce Committee, promising to continue the fight to kill it.
"The legitimate e-commerce businesses being developed by insurers and others will be immediately placed at a competitive disadvantage if this legislation becomes law," says John Savercool, vice president of federal affairs for the Washington-based American Insurance Association.
"It will halt or significantly slow the flow of online insurance activity between businesses and consumers that has been increasing in recent years," he says.
Jack Dolan, a representative of the American Council of Life Insurers, Washington, says that many consumers want to buy financial services products, such as life insurance, online. This legislation, he says, would frustrate consumers.
The legislation, S. 2201, is sponsored by Committee Chairman Ernest F. Hollings, D-S.C. The bill was approved by a 15-8 vote. However, due to technical parliamentary reasons, a second vote will be necessary before S. 2201 can go to the floor of the Senate.
