PCI Urges House Action on International Insurance Standards

DES PLAINES, Illinois, Dec. 13 -- The Property Casualty Insurers Association of America issued the following news release:

Nat Wienecke, senior vice president, federal government relations issued the following statement in strong support of H.R. 4537, the International Insurance Standards Act of 2017.

"PCI urges members of the House Financial Services Committee to support the International Insurance Standards Act of 2017," said Wienecke.

"This important legislation recognizes that our state-based system for insurance regulation has protected consumers and fostered competitive insurance markets for over 150 years and ensures that international insurance agreements recognize our standards as they evolve to meet new challenges," continued Wienecke.

H.R. 4537 requires federal agencies to consult and coordinate with state regulators on international insurance regulatory discussions to achieve outcomes that reflect U.S. policy. In addition, it assures robust congressional and public review of international standards while also assuring that U.S. representatives can participate actively in international discussions.

"This bill also provides for unified U.S. advocacy and addresses the fundamental lack of transparency and accountability in international insurance regulatory standard setting forums," said Wienecke.

"PCI applauds Representatives Duffy and Heck for their leadership and the members of the committee for their bipartisan process," concluded Wienecke.