WASHINGTON — Nat Wienecke, senior vice president, federal government relations, at the Property Casualty Insurers Association of America (PCI) issued the following statement today applauding Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer and the introduction of the Transparent Insurance Standards Act of 2016.
“PCI applauds Chairman Luetkemeyer for his leadership and introducing the Transparent Insurance Standards Act of 2016,” said Wienecke.
“This important legislation provides clear direction by Congress for the representation of the U.S. state-based regulatory system in international fora and ensures that regulations are proportional to the activities that are regulated,” continued Wienecke. “87.4% percent of the American insurance market is exclusively regulated by the states, according to the National Association of Insurance Commissioners (NAIC). Any international deliberations should represent the views of the primary regulators and this legislation ensures the views of the state regulators are paramount in current and future international negotiations. The U.S. has the largest, most resilient, consumer-centric, and competitive insurance markets in the world. These have been the hallmarks of the state system and should be advocated and represented in international settings.
“We have met with scores of members of Congress on both sides of the aisle who support the consumer-centric regulation of insurance by the states. We encourage members of Congress to come together to finalize this bill swiftly and send it to the President’s desk. The voice of the primary state regulators and the NAIC would strengthen the U.S. in negotiations through better coordination and will increase the transparency and accountability of international standard setting and the U.S. role in it,” concluded Wienecke.