AIA Congratulates Ambassador Robert Lighthizer on Confirmation as United States Trade Representative; Urges International Insurance Agenda

WASHINGTON, May 11 -- The American Insurance Association issued the following news release:

Steve Simchak, Director of International Affairs for the American Insurance Association (AIA), issued the following statement congratulating Ambassador Robert Lighthizer on his confirmation as United States Trade Representative. The U.S. Senate confirmed Ambassador Lighthizer earlier today by a vote of 82-14.

Mr. Simchak's statement follows:

"AIA congratulates Ambassador Lighthizer on his confirmation as United States Trade Representative. We look forward to learning more about the Administration's trade agenda for the financial services industry and working with him to advance the interests of U.S. insurers and reinsurers globally.

We hope that Ambassador Lighthizer will move quickly to implement an international trade agenda that not only opens markets for U.S. insurers, but also enforces commitments that other governments have made on insurance trade and investment.

We also encourage Ambassador Lighthizer to work with Treasury Secretary Mnuchin to bring the U.S.-EU Covered Agreement on insurance prudential matters into force as quickly as possible. The Covered Agreement addresses real and significant barriers to U.S. insurers and reinsurers that have emerged as a result of the implementation of Europe's Solvency II regulations. By eliminating those unnecessary regulatory barriers to U.S. insurance trade through the Covered Agreement, U.S. insurers will be able to compete fairly in the European Union again."

Celebrating its 150th year in 2016, The American Insurance Association (AIA) is the leading property-casualty insurance trade organization, representing approximately 320 insurers that write more than $125 billion in premiums each year. AIA member companies offer all types of property - casualty insurance, including personal and commercial auto insurance, commercial property and liability coverage, specialty, workers' compensation, homeowners' insurance, medical malpractice coverage, and product liability insurance.