WASHINGTON – Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurance Association of America (PCI) issued the following statement following the House passage of legislation that includes omnibus spending bills for 2016 and tax extenders legislation:
“PCI applauds the House for passing legislation that includes a number of important insurance provisions,” said Wienecke. “The Policyholder Protection Act (PPA), Cybersecurity Act of 2015, and the House Appropriations Committee report language (page 10) have been key priorities for PCI and our members and we are pleased Congress recognizes these important provisions to protect policyholders and the viability of a competitive private insurance market for the benefit of consumers and insurers.”
The PPA would protect insurance policyholders and prevent federal banking regulators from abusing funds set aside to pay policyholder claims to rescue a failing affiliated bank. “PCI applauds the leadership of Representatives Bill Posey and Brad Sherman for moving the PPA through the House and House Financial Services Committee Chairman Jeb Hensarling for introducing the legislation into the omnibus bill negotiation process. PCI also thanks Senators David Vitter, Jon Tester, Richard Shelby, and John Boozman for their leadership,” continued Wienecke. “This legislation has been a top priority for PCI this year.”
PCI is also pleased that the Cybersecurity Act of 2015 was included in the legislation. “In the face of ever increasing cyber risks, it is more important than ever to enact common sense legislation that allows parties to share information that will help them better understand how hackers gain access to their systems without worrying about frivolous lawsuits,” continued Wienecke.
“PCI commends the House Appropriations Committee for their leadership and including legislative report language that re-affirms the state based regulatory system and reinforces the importance of establishing a domestic capital standard for federally regulated insurers before any international standards for these insurers,” continued Wienecke.