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DES PLAINES, Ill., Feb. 13 -- The Property Casualty Insurers Association of America issued the following news release:
The Property Casualty Insurers Association of America (PCI) issued the following statement on President Obama's talk of trade in the State of the Union Address:
"We are pleased that the President announced in last night's State of the Union that he will complete negotiations on a Trans-Pacific Partnership and launch talks on a comprehensive Transatlantic Trade and Investment Partnership with the European Union," said David Snyder, PCI's vice president, international policy. "PCI's members write insurance across the globe and reducing or eliminating trade barriers will help grow insurance markets that in turn support economic development and improve living standards."
In addition to market access and nondiscriminatory treatment, these trade agreements can enhance regulatory cooperation and efficiency. For instance, insurance regulation in the US and in Europe reflects the wide diversity of business models and different market conditions. Trade liberalization should acknowledge these differences while promoting competition and transparency as well as preventing regulatory gaps and avoiding duplicative regulatory burdens.
Snyder added "PCI supports sound regulation that reflects different insurance markets. We believe the objective should be mutual recognition focused on outcomes, not convergence to a single non-US standard or a standard that is designed for banks."
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