WASHINGTON — The Property Casualty Insurers Association of America (PCI) issued the following statement praising the House Financial Services Subcommittee on Housing and Insurance hearing today entitled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers: Part II.”
“PCI commends Chairman Luetkemeyer, Ranking Member Cleaver and members of the subcommittee for holding this important second hearing to address new regulatory standards being considered by the international and federal agencies,” said Nat Wienecke, PCI’s senior vice president, federal government relations.
“PCI also praises the subcommittee’s efforts to draft consensus legislation clarifying congressional intent on insurance regulation and international representation,” continued Wienecke. “It is important for Congress to provide direction to U.S. representatives that participate in international insurance negotiations to strengthen the ability of “Team USA” to represent the U.S. system of state-based insurance regulation as the strongest, most robust system in the world. We support efforts to assure that our effective and time tested state-based insurance system receives due deference. And, we support efforts to strengthen the U.S. voice in international negotiations through better coordination and increasing the transparency and accountability of international standard setting and the U.S. role in it.”
“PCI commends the subcommittee for its efforts to date and urges committee members to work together towards bipartisan consensus on the Luetkemeyer draft and similar efforts to clarify congressional intent and improve international insurance regulatory deliberations and outcomes,” concluded Wienecke.
Joseph Torti, vice president of regulatory affairs for Fairfax Financial Holdings Limited testified at the hearing on behalf of PCI. Torti’s written testimony is attached.