Property Casualty Insurers Issues Statement on International Insurance Standards Act

DES PLAINES, Illinois, July 10 -- The Property Casualty Insurers Association of America issued the following statement by Nat Wienecke, senior vice president of federal government relations on the House passage of International Insurance Standards Act (H.R. 4537) by a voice vote:

"PCI applauds House members on both sides of the aisle for supporting the International Insurance Standards Act," said Wienecke. "This important bipartisan legislation reinforces the primacy of the state regulation of insurance. H.R. 4537 also ensures international insurance agreements recognize our standards as they evolve to meet new challenges.

"This bill also recognizes the appropriate role of state insurance regulators in developing international insurance standards and provides that Congress receives appropriate notice to exercise its oversight over such negotiations."

"PCI calls on the Senate to take up and pass this bill and send final legislation to the president's desk."