Property Casualty Insurers Issues Statement on Regulatory Relief, Consumer Protection Act

WASHINGTON, May 22 -- The Property Casualty Insurers Association of America issued the following statement by Nat Wienecke, senior vice president of federal government relations, applauding the House passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155):

This bill includes bipartisan language on international insurance capital standards proposed by Senators Dean Heller (R-NV) and Jon Tester (D-MT). Those provisions will promote increased transparency in international insurance discussions and require U.S. negotiators to support consensus positions with state regulators in international negotiations on insurance standards.

"PCI applauds the House for passing the Economic Growth, Regulatory Relief, and Consumer Protection Act.

"We appreciate the inclusion of the important international insurance standards provisions. PCI and our members have advocated for these important provisions for over four years. This legislation will reinforce the primacy of the state regulation of insurance and require that U.S. federal representatives coordinate with state insurance regulators and speak with one voice in international forums. PCI commends Senators Heller and Tester for their leadership on this important legislation.

"PCI looks forward to President Trump signing this important legislation."