Washington, D.C. — Steve Simchak, head of international at the American Property Casualty Insurance Association (APCIA) issued the following statement urging Congress to vote on the United States-Mexico-Canada Agreement (USMCA):
“APCIA commends Congressional leadership and the Administration for reaching a deal and moving the USMCA forward. We urge Congress to vote on and approve the deal.”
The USMCA will address modern technological barriers to insurance trade, making it easier for U.S. insurers to conduct business and serve customers in Canada and Mexico. While retaining the core protections currently in place, the USMCA includes a new commitment to allow insurers to store and process data in the location that is best for their business and customers. This commitment will provide insurers an opportunity to further improve insurance products and better protect personal information from cyber-attacks. Allowing insurers to utilize their headquarters’ technology also would improve efficiencies that could reduce costs for consumers and allow insurers to expand consumer options in underinsured populations.