WASHINGTON — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement today applauding Senators Tim Scott (R-SC), Mike Rounds (R-SD), Tammy Baldwin (D-WI), and Joe Manchin (D-WV) for introducing S. 2702, the Business of Insurance Regulatory Reform Act. The House Financial Services Committee marked-up companion legislation in January.
“PCI applauds the leadership and bipartisan efforts of Senators Scott, Rounds, Baldwin, and Manchin for introducing this important legislation that recognizes that our state-based system for insurance regulation has been effective in protecting consumers and fostering competitive insurance markets for over 150 years.
“When Congress created the CFPB in the Dodd-Frank Act, it chose to exempt the business of insurance from its jurisdiction, but the CFPB has overstepped its boundaries in some instances. This important bill reflects the congressional intent of Dodd-Frank that the CFPB should not engage in regulatory activity related to the business of insurance.
“PCI strongly supports the Business of Insurance Regulatory Reform Act and we urge the Senate and House to take up and pass this legislation and send a bill to the president’s desk.”