WASHINGTON — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement today in support of the House Financial Services Committee hearing entitled, “The Financial Stability Boards’ Implications for U.S. Growth and Competitiveness.”
“PCI commends the House Financial Services Committee for holding this important hearing,” said Wienecke. “Action by Congress is urgently needed to defend the state-based regulatory system that helped created the largest pro-consumer and competitive insurance market in the world. From August through December, more than three dozen closed-door international meetings will have taken place between the Financial Stability Board, the International Association Insurance Supervisors, and other international groups, with the purpose and potential to create new standards that may limit choices for U.S. insurance consumers and increase costs.
“PCI strongly urges Congress to pass and enact international insurance legislation this year that requires consensus among federal negotiators and insurance regulators—while increasing the transparency and accountability in international standard setting,” concluded Wienecke.
PCI submitted a statement for the record. PCI’s statement is attached.