WASHINGTON — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement today applauding Representatives Keith Rothfus (R-PA) and Joyce Beatty (D-OH) for introducing H.R. 5059, the State Insurance Regulation Preservation Act. The bill would reduce duplicative regulation by the Federal Reserve Board of insurance groups that meet appropriate capital standards.
“PCI strongly supports the bipartisan efforts of Representatives Rothfus and Beatty to protect the time-tested state-based insurance regulatory system and for introducing the State Insurance Regulation Preservation Act.
“The Federal Reserve Board’s duplicative examinations of well-capitalized insurers affiliated with depository institutions increase consumer costs and reduce competition. The Fed should be focused on the safety and soundness of banks and savings and loan institutions, not well-functioning state regulated insurers.
“PCI encourages the House to pass this bill, which will free up much needed capital and allow more investment in the economy for the benefit of consumers and policyholders across the country.”