WASHINGTON — Nat Wienecke, senior vice president, federal government relations, at the Property Casualty Insurers Association of America (PCI) issued the following statement today applauding the House for passing H.R. 5143, the “Transparent Insurance Standards Act of 2016.”
“We appreciate the leadership and efforts of House Financial Services Committee Chairman Hensarling and Subcommittee Chairman Luetkemeyer for advocating for insurance consumers and defending the U.S. state-based insurance regulatory system,” said Wienecke.
“This legislation will defend and promote our proven, effective, consumer-centric system of insurance regulation during international regulatory discussions. It will improve deliberations through increased transparency and reporting by the Treasury and the Federal Reserve to Congress. This bill also requires federal and state representatives to achieve consensus to avoid advocating different positions in international regulatory discussions,” continued Wienecke. “These guardrails are needed to safeguard the highly-competitive U.S. insurance marketplace, protect U.S. consumers, and strengthen the U.S. voice in international negotiations.”
“We applaud House leadership and members for their support of this legislation. We urge the Senate to take up and pass this legislation and send a final bill to the president’s desk,” concluded Wienecke.