Senator Clinton is the queen of insurance contributions

Ah yes, the merging of politics and the financial industry. It's an election year so you knew these sort of stories would come out. I'm not surprised at all that the insurance industry gives to political candidates as it happens in every sector. I am a tad surprised that Democrats in general lead the charge in these sort of donations though. I think the more information that comes out regarding who is receiving what money in politics is a good thing.

I'm not one of those who thinks contributions from PACs are a bad thing. I think people should be allowed to do what they want (legally of course) with their money, so more power to them for the donations.

Anyway, I just found the article interesting...probably because I'm in the insurance biz...

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http://calibre.mworld.com/m/m.w?lp=GetStory&id=287768651

Sen. Clinton Enters Primaries as Queen of Insurance Cash

Raymond J Lehmann
Released : Monday, January 07, 2008 5:41 AM

As the 2008 presidential race kicks into full gear with this week’s New Hampshire primary, insurance sources have contributed $5.66 million to leading candidates, with Democrats pulling in 59.1% of the industry total, according to U.S. Federal Elections Commission filings.
Altogether, 10 presidential candidates -– including six Democrats and four Republicans -– each raised more than $100,000 from insurance industry sources through the end of the third quarter, including funds from corporate and trade association political action committees and contributions from individuals who identified themselves as employed by insurance-related firms.

New York Sen. Hillary Rodham Clinton – who leads most polls for the Democratic nomination – also led the pack with $1,080,768 in insurance funds. In sharp contrast to her 1993 health-care reform effort, which was strongly opposed by the now-defunct Health Insurance Association of America, Clinton drew nearly $250,000 in contributions from the health insurance sector, the most of any candidate in either party. Her totals included contributions from political action committees affiliated with MetLife, Independence Blue Cross, and Western and Southern Life Insurance Co., as well as significant contributions from employees of Citigroup Inc., Prudential Financial, New York Life, and Kaiser Permanente, among others.

That tally helped push her past second-place fundraiser Sen. Christopher J. Dodd, D-Conn., who was the favorite candidate of multiline, property/casualty and life insurers, as well as insurance agents and brokers. The chairman of the Senate Banking Committee, which holds primary jurisdiction over most insurance issues, Dodd raised $943,212 from industry sources.
Dodd, who dropped out of the race following the Jan. 3 Iowa Caucuses, led the field with $118,912 from insurance PACs, including more than $5,000 each from Fidelity National Financial, Safeco Inc., Aon Corp., Aetna Inc., Axa Equitable Life Insurance Co., Chubb Corp., the Council of Insurance Agents & Brokers, First American Corp., Hartford Financial Services, ING America, LandAmerica Financial, Liberty Mutual, Massachusetts Mutual, MetLife, Nationwide Financial, Northwestern Mutual, Torchmark Corp. and Travelers Cos.

Dodd's totals also included more than $75,000 in contributions from members of the Independent Insurance Agents & Brokers of America, looking to counter the prevailing preference of most large contributors in favor of an optional federal charter for the insurance industry. The Big I, which also activated its Iowa grassroots forum on behalf of Dodd, are joined in their opposition to OFC by Aflac Inc., whose nearly $700,000 in contributions to congressional candidates topped all industry PACs.

"Last year was a busy year for the insurance industry in Washington, and a very successful year, particularly with extension of the Terrorism Risk Insurance Program, but 2008, because it's a presidential election year, will be a truncated session in Congress," said Charles E. Symington, the Big I's senior vice president for government affairs and federal relations.
Former Massachusetts Gov. Mitt Romney topped the Republican field in industry cash, raising $851,156 of the GOP’s overall haul of $2.31 million. A veteran of the financial services industry from his days as a partner with Bain Capital, Romney drew contributions from PACs associated with ING America, John Hancock Financial Services, and Liberty Mutual, while American Financial Group, Citigroup, ING, and Liberty Mutual were some of the largest employers of his individual contributors.

Placing second among Republicans and fourth overall was former New York City Mayor Rudolph Giuliani, whose $759,740 in industry cash included a PAC contribution from Colonial Life & Accident Insurance Co. and significant employee tallies from such companies as First American Title Insurance Co., Aon Corp., and Prudential Financial.

Sen. Barack Obama, D-Ill., placed fifth in the race for industry cash with $756,993, all of it contributed by individuals. Other candidates who raised more than $100,000 from the industry include Sen. John McCain, R-Ariz., with $472,224; New Mexico Gov. Bill Richardson, with $232,358; former North Carolina Sen. John Edwards, with $200,650; Sen. Joseph Biden, D-Del., with $132,075; and former Tennessee Sen. Fred Thompson, with $105,300.

The issue of insurance regulatory reform also appears to be playing a role in the race for control of Congress. Rep. Melissa Bean, D-Ill., primary sponsor of the National Insurance Act, topped all congressional candidates in contributions from financial services-related PACs, with $301,876. One of few incumbent Democrats to face a significant November challenge in the 2006 race, Bean is being supported heavily by members of such OFC-supporting groups as the American Insurance Association and the American Council of Life Insurers.

The bill's two Senate sponsors -- Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D. -- likewise placed in the top five in that chamber, while Sen. Jack Reed, D-R.I., topped all senators in 2008 financial services PAC cash. Widely considered Dodd's heir apparent for the chairmanship of the Banking Committee, Reed also is expected to sponsor the Senate version of the Nonadmitted and Reinsurance Reform Act, which passed the House unanimously in June 2007.

(By R.J. Lehmann, Washington bureau manager: raymond.lehmann@ambest.com)
Copyright 2008 A.M. Best Company, Inc