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- PCI Applauds Senate Action on International Insurance Standards Accountability
WASHINGTON — Nat Wienecke, senior vice president, federal government relations issued the following statement in strong support of Sec. 212, International Insurance Capital Standards Accountability, of the Manager’s Amendment to S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.
“PCI applauds Chairman Crapo for including the International Insurance Capital Standards Accountability text in the Manager’s Amendment to S. 2155. PCI thanks Senators Heller and Tester for their steadfast leadership.
“It is essential that the U.S. participants speak with one voice in international insurance negotiations. The International Insurance Capital Standards Accountability provision would increase transparency in international forums and ensure that U.S. federal representatives advocate effectively for market access and mutual recognition of our successful state-based regulatory system for insurance. PCI urges the Senate Banking Committee to pass the Economic Growth, Regulatory Relief and Consumer Protection Act as amended by the Manager’s Amendment.”
- 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 $220 billion in annual premium, 37 percent of the nation's property casualty insurance. Member companies write 44 percent of the U.S. automobile insurance market, 30 percent of the homeowners market, 35 percent of the commercial property and liability market and 37 percent of the private workers compensation market.
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