American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
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  • March 14, 2018
  • PCI Applauds Senate Passage of International Insurance Standards Accountability Provisions in S. 2155
  • WASHINGTON — Nat Wienecke, senior vice president, federal government relations issued the following statement applauding the Senate passage of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. This bill includes provisions based on the bipartisan Insurance Capital Standards Accountability Act, introduced by Senators Dean Heller (R-NV) and Jon Tester (D-MT).

    “PCI applauds the Senate for passing the Economic Growth, Regulatory Relief and Consumer Protection Act. Chairman Crapo has been a real leader on these issues and we appreciate the inclusion of the important International Capital Standards Accountability provisions. These bipartisan provisions led by Senators Heller and Tester are important and reinforce the primacy of the state regulation of insurance.

    “It is essential that the U.S. participants speak with one voice in international insurance negotiations. The International Insurance Capital Standards Accountability provisions would increase transparency in international forums and ensure that U.S. federal representatives advocate effectively for market access and mutual recognition of our successful state-based regulatory system for insurance.

    “PCI calls on the House to pass H.R. 4537, the International Insurance Standards Act of 2017and for the two chambers to reconcile their differences in a final bill that defends the state-based regulatory system for insurance.”

  • PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $220 billion in annual premium, 37 percent of the nation's property casualty insurance. Member companies write 44 percent of the U.S. automobile insurance market, 30 percent of the homeowners market, 35 percent of the commercial property and liability market and 37 percent of the private workers compensation market.
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