WASHINGTON — Robert Gordon, senior vice president of policy, research and international issued the following statement in response to the Department of the Treasury’s report “A Financial System that Creates Economic Opportunities Asset Management and Insurance.” The report was written pursuant to President Trump's Executive Order 13722, which set out "core principles" to govern the regulation of the financial services sector.
“PCI applauds Treasury’s report addressing many of our members’ concerns. Treasury’s report commends and endorses the state regulatory system’s 150-year record of protecting policyholders. The report identifies reforms to the Federal Insurance Office, including that the office should be an advocate for the U.S. insurance industry in international forums and negotiations. PCI also is pleased the report calls on FIO to coordinate with state insurance regulators and the NAIC to attempt to eliminate or reduce the inconsistencies on data calls.
“Importantly, the Treasury report also calls on the Department of Housing and Urban Development to reassess its disparate impact rule as applied to insurers.
“PCI looks forward to continuing to work with Treasury and Congress on the issues that are important to insurance consumers and the marketplace.”