WASHINGTON — Nat Wienecke, senior vice president of federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement encouraging House support for H.R. 4537, the International Insurance Standards Act, introduced by Representatives Sean Duffy (R-WI) and Denny Heck (D-WA). The bipartisan legislation passed out of the House Financial Services Committee in December 2017 by a vote of 56-4.
“PCI strongly supports the International Insurance Standards Act,” said Wienecke. “This important bipartisan legislation recognizes that our state-based system for insurance regulation has protected consumers and fostered competitive insurance markets for over 150 years. H.R. 4537 also ensures that international insurance agreements recognize our standards as they evolve to meet new challenges.
“This bill also recognizes the appropriate role of state insurance regulators in developing international insurance standards and provides that Congress receives appropriate notice to exercise its oversight over such negotiations.
“PCI commends the leadership of Representatives Duffy and Heck and encourages the House to support H.R. 4537.”