Property Casualty Insurers Association of America Property Casualty Insurers Association of America
  • Staff Contact: Eileen Gilligan     
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  • FOR RELEASE ON RECEIPT
  • December 10, 2014
  • PCI Applauds House for Passing the Capital Standards Clarification Act of 2014
  • WASHINGTON - The Property Casualty Insurers Association of America (PCI) applauds the House of Representatives for passing S. 2270, The Insurance Capital Standards Clarification Act of 2014. This legislation will allow the Federal Reserve Board flexibility not to impose bank capital standards on insurers it regulates. The Senate previously passed the bill on June 3, 2014.

    “PCI applauds the bipartisan leadership of Chairman Hensarling, Subcommittee Chairman Neugebauer, Ranking Member Waters, Ranking Member Capuano, and the bill sponsors – Representatives Gary Miller and Carolyn McCarthy -- for their leadership in passing The Insurance Capital Standards Clarification Act of 2014,” said Nat Wienecke, PCI’s senior vice president, federal government relations. “PCI has long been advocating domestically and internationally against imposition of inappropriate bank-centric capital requirements on insurers.  PCI is pleased that this legislation takes into account the unique nature of insurers’ risks, which are fundamentally different from those for banking, and clarifies the Federal Reserve Board’s authority to tailor capital standards to insurance companies under its supervision. This legislation will continue to allow strong prudential supervision of insurance companies while preventing unnecessary harm in the insurance marketplace to the detriment of consumers.”

  • 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 more than $195 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 28 percent of the homeowners market, 33 percent of the commercial property and liability market and 35 percent of the private workers compensation market.
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