PCI Issues Statement on Federal Insurance Office Reform Bill

WASHINGTON, Sept. 29 -- The Property Casualty Insurers Association of America issued the following statement by Nat Wienecke, senior vice president, federal government relations, on applauding the introduction of the "Federal Insurance Office Reform Act of 2017":

"PCI applauds Reps. Duffy and Heck for introducing the Federal Insurance Office Reform Act of 2017. This bipartisan legislation will reduce FIO's domestic footprint, eliminate its quasi-regulatory authority, and refocus the FIO on international matters, where it can play an appropriate role in coordinating with the states to develop consensus on U.S. international insurance policy.

"The bill also limits the bureaucracy from expanding beyond its core mission.

"PCI looks forward to working with Reps. Duffy and Heck and the Financial Services Committee to move this bill through the legislative process."

PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $216 billion in annual premium, 36 percent of the nation's property casualty insurance. Member companies write 43 percent of the U.S. automobile insurance market, 29 percent of the homeowners market, 34 percent of the commercial property and liability market and 36 percent of the private workers compensation market.