WASHINGTON – The Property Casualty Insurers Association of America (PCI) issued the following statement on the House Financial Services Subcommittee on Housing and Insurance November 18 hearing entitled “The Impact of International Regulatory Standards on the Competiveness of U.S. Insurers, Part II.”
“PCI commends Chairman Randy Neugebauer (R-TX) and the Subcommittee members for holding this important hearing and raising concerns about one-size-fits-all global regulations that do not benefit U.S. consumers,” said Nat Wienecke, PCI’s senior vice president, federal government relations. “PCI also urges Congress to reinforce that the Federal agencies must speak with international regulators in a unified voice and avoid advocating for or facilitating international capital standards that run contrary to the objectives of state insurance regulators. A one-size-fits-all global capital standard will harm American consumers and disrupt the international insurance marketplace. PCI urges Congress to condemn the International Association Insurance Supervisor’s decision to reduce public transparency and applauds the support of the hearing witnesses to allow U.S. stakeholders to have an ability to substantively via a transparent process.”
Wienecke noted an important report by Dr. Robert Shapiro, Chairman of Sonecon, that was just released, entitled “Unnecessary Injury: The Economic Costs of Imposing New Global Capital Requirements on Large U.S. Property and Casualty Insurers” that members of the Subcommittee referenced. Wienecke also underscored that “PCI particularly commends the several Subcommittee members who discussed at the hearing legislation they are preparing or have introduced addressing critical insurance regulatory concerns, including Representatives Duffy, Huizenga, McCarthy and Sherman, who are championing American insurance policyholders.”
PCI submitted testimony for the record to the House Financial Subcommittee on Housing and Insurance. The testimony is attached. Dr. Shapiro’s report can be found here.